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Venari's giant discovery in the Gulf of Mexico

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Staff writer ▼ | March 20, 2013
Venari Resources announced a major oil discovery in the Gulf of Mexico at its Shenandoah prospect with excellent quality reservoir.
Venari Resources
Venari ResourcesVenari Resources announced a major oil discovery in the Gulf of Mexico at its Shenandoah prospect with excellent quality reservoir.


Venari's Shenandoah-2 well, which spud on September 16, last year and drilled in approximately 5,800 feet of water to a total depth of 31,405 feet, encountered net oil pay in excess of 1,000 feet. The well is approximately 1,700 feet structurally down-dip from the Shenandoah-1 discovery, which was drilled in Walker Ridge Block 52 in 2009 and encountered net pay approaching 300 feet.

Anadarko owns 30 percent of the well, and is the operator. ConocoPhillips also has 30 percent, Cobalt International Energy 20 percent, while Marathon Oil and Venari Resources each have 10 percent.

"The Shenandoah appraisal well has confirmed the field to be a major discovery with excellent quality reservoir and fluid properties, and significant resource potential. This well has the potential of becoming one of the largest oil discoveries ever made in the deepwater Gulf of Mexico and demonstrates Venari's capability to explore for significant resources in the emerging areas of the deepwater Gulf," said Brian Reinsborough, chief executive officer and president of Venari Resources.

Venari Resources is founded last year by Brian Reinsborough. Warburg Pincus, Kelso & Company, Temasek and The Jordan Company provided an initial $1.125 billion capital so Venari can pursue its aggressive exploration program and development projects in the Gulf of Mexico.


 

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