Venture Production, which is a possible takeover target for British/Scottish Gas owner Centrica, has confirmed a new gas find in the UK southern North Sea.
The Aberdeen-based oil and gas operator said yesterday that its Carna exploration well on block 43/21b had measured a gas column with a net pay depth of 127 feet.
Venture said the well had tested at a stabilised rate of 9million cubic feet of gas per day and had been suspended pending a sidetrack to become a future production well.
It added that a field-development decision would be made following a full evaluation of the export options.
Pre-drilling expectations put Carna reserves at between 95 and 185billion cu ft (bcf) of gas (16-31million barrels of oil equivalent) and Venture said these had been confirmed.
The group said Carna was a commercial discovery in its own right, but the well results also increased the attractiveness of five undrilled prospects in the surrounding Greater Carna Area.
It said these other prospects, taken together, were expected to contain additional gas in place ranging from 104 to 390bcf.
Venture chief executive Mike Wagstaff said the Carna well had opened up a new and relatively unexplored area of the southern North Sea. He added: “We acquired the Carna licence interest as part of our acquisition of Wham Energy in 2007 and it is gratifying to see such a positive early result from that deal.”
The company now has a 56% interest in the licence and is operator. Partners are Ithaca Energy (29.9%), Dyas UK (10.1%), and EWE Aktiengesellschaft (4%).
Venture shares, which have risen about 30% in value since news on Wednesday that Centrica had acquired 22% of the Aberdeen company for almost £230million, gained a further 4.3% to 787.5p yesterday to give it a market capitalisation of nearly £1.18billion.