Venture pleased with Cara test results

20th Mar 2009 07:34

Aberdeen based oil and gas firm Venture Production hailed "another excellent drilling result" as it published test drilling results from its Carna gas property.Well log data indicates a gas column in excess of 1490 feet TVD (true vertical depth) and net pay of 127 feet TVD.The well tested gas at stabilised rates in line with expectations with a gross rate of 9m million cubic feet per day (MMcfpd). No formation water was encountered during the test.The company said the results bode well for the prospects of five follow-on prospects in the Greater Carna Area. These prospects are expected to contain, in aggregate, addition net gas ranging from 104 billion cubic feet (Bcf) to 390 Bcf.Venture is the operator of the Carna gas exploration well and has a 56% united interest in the project. The company has been the subject of bid speculation this week after British Gas owner Centrica acquired a 22% stake in the company for just under £240m, lifting its overall shareholding in Venture to 22.3%. Venture said the price paid by Centrica, 725p per share, “substantially undervalues the company, its prospects and strategic position particularly with regard to its UK gas resources.”