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LONDON (AFX) - Venture Production PLC said it hopes to bring over 150 bln cubic feet of gas reserves on stream by 2008 under a two-year drilling campaign it kickstarted in the southern North Sea.
It will unearth the gas from the Ensign and Amanda fields, two of its key North Sea gas discoveries.
Ensign, in which Venture holds a 50 pct stake, is believed to be holding 300-400 bcf, with an estimated recovery rate of between 30-50 pct. Amanda, meanwhile, is estimated to contain 50 bcf.
Venture owns a combined 66.7 pct direct and indirect stake in Amanda.
The drilling plan will also target 300 bcf of additional gas initially in place through four or five 'relatively low risk' exploration wells, including in Channon, Adele and Block 48/15b fields.
Venture started the drilling programme after securing a long-term rig contract with Noble Corp.
'Given delays with previous operators and the tight market for drilling equipment, we have had to wait several months longer than anticipated for this jack-up rig to arrive. However, the Noble Julie Robertson is on long-term contract to Venture now and we are excited about the drilling programme ahead,' said chief executive Mike Wagstaff.
Venture will drill a well on the Ensign discovery. Appraisal work on the field will take about three months. It will prepare a development plan afterwards, with first gas expected in 2008.
It will also further assess the Amanda reservoir ahead of field development. This will be done alongside the exploration work on the nearby Agatha prospect. Production is likely to begin in late-2007.
At 11.25 am, Venture shares were up nearly 5 pct at 730 pence. monicca.egoy@afxnews.com mbe/slm/mbe/cml COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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