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Venture faces disappointment over gas find
Jul 28 2009 4:42PM
News brought to you by IQPCScottish oil and gas firm Venture Production faces disappointment over the recently discovered Andrea reserve.
The firm had hoped the prospect would be one of the largest gas deposits it had ever uncovered but an investigation has found that the resource is held in a tight reservoir, making it hard to extract.
According to the company, this means that recoverable resources are likely to be at the lower end of pre-drill expectations which range from three to 44 million barrels of oil equivalent.
Mike Wagstaff, chief executive of Venture, remained upbeat.
He said: "We have already added significantly to our reserves base this year and while the Andrea result is disappointing after initial positive indications, our success with the five previous wells we have already drilled in 2009 puts us in a great position to continue to grow our production over the next few years."
The company is currently attempting to fend off a takeover by Centrica, claiming that the bid of 845p per share undervalues the firm.
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