Venture farms into Barbarossa

Offshore staff

ABERDEEN, UK --Venture Production is farming into the Barbarossa gas field in southern North Sea block 47/9c. The British Gas Council discovered Barbarossa in a Rotliegendes reservoir in 1982, but the field then lay fallow until the block was relicensed to Corsair Petroleum and Nico Petroleum (UK) in 2004, under the UK's Promote License scheme.

Under an agreement with these two companies, Venture will pay 100% of the costs of a single subsea development well, targeting reserves of 30-35 bcf, to be drilled by the jack-upNoble Julie Robertson late this year or early 2008. Venture plans to tie the well back to the BG-operated Mercury platform to the southwest.

In return, Venture will take a 90% working interest in license P.1241, covering block 47/9c.

01/12/2007