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Venari resources increases ownership in Shenandoah field

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Oilfield Technology,

Venari Resources LLC (Venari), a deepwater oil exploration and production company in the Gulf of Mexico, has announced that it has acquired an additional 7% working interest in the Shenandoah field on Walker Ridge Blocks 51, 52 and 53. The company also reported successful results from the Shenandoah #5 appraisal well.

The Shenandoah #5 well was drilled on Walker Ridge Block 51 in approximately 5900 ft of water to a total depth of 31 100 ft. The well was drilled up-dip of the Shenandoah #2 appraisal well and was designed to confirm and extend reservoir boundaries. The well encountered over 1000 net ft of high-quality oil pay in the Lower Tertiary Wilcox sands and extended the field further east. The next appraisal well, Shenandoah #6, is expected to spud later this year to further quantify the full resource potential of the field. Earlier this year, Venari increased its working interest in the Shenandoah Unit to 17% from 10%.

Brian Reinsborough, President and Chief Executive Officer of Venari said:

“With a high-quality reservoir and substantial net oil pay, the well results confirm Shenandoah to be a significant oil accumulation,” said Brian Reinsborough, President and Chief Executive Officer of Venari. “We are excited that we were able to increase our ownership in the field and continue building our relationship with Anadarko across this strategically important region.”

In partnership with Anadarko Petroleum Corporation, the operator of Shenandoah, Venari owns significant working interests in several exploration prospects proximate to the Shenandoah discovery.

Venari holds a 17% working interest in Shenandoah. Other co-owners are Anadarko Petroleum Corporation (NYSE: APC), as operator (33%), ConocoPhillips Company (NYSE: COP) (30%), and Cobalt International Energy, L.P. (NYSE: CIE) (20%).

Adapted from a press release by Louise Mulhall

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