Clearance for Annabel

Aberdeen-based independent Venture Production received development approval from the UK government for its Annabel field in the southern North Sea.

Nov 16th, 2004

Aberdeen-based independent Venture Production received development approval from the UK government for its Annabel field in the southern North Sea. Venture drilled and tested the 48/10a-12 well on Annabel in August 2003. Following hydraulic fracturing earlier this year, the well tested at rates above 100 MMcf/d and was subsequently completed as a producer. It is being tied back subsea to Venture's Audrey A platform.

To accelerate reserves recovery, Venture plans to drill a second well on the accumulation in the summer of 2005. Gas will be exported through the Loggs trunkline to Theddlethorpe, Lincolnshire.

Annabel constitutes part of the larger Saturn development, operated by ConocoPhillips. Venture is also assessing exploration potential in block 48/15b to the south, where the company was awarded a Promote license recently under the UK's 22nd licensing round.

11/16/04

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