Venari Resources LLC announced that it has raised an additional US$1.3 billion of equity commitments, bringing the total raised to $2.4 billion.
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Map of Shenandoah and Coronado prospects. |
Venari is now the 12th largest leaseholder in the deepwater Gulf of Mexico with a deep, multi-year drilling program covering 55 prospects across 190 leases. The new funding commitments enable Venari to appraise and develop the Shenandoah and Coronado discoveries and execute on its high-impact exploration inventory.
The Shenandoah and Coronado discoveries were announced in 2013.
Venari’s strategy of non-operated exploration in the deepwater Gulf of Mexico has enabled it to form partnerships with Gulf of Mexico explorers including Chevron, ConocoPhillips and Anadarko Petroleum Corp.
Second financing efforts from new investors include GIC, Singapore’s sovereign wealth fund, and BlackRock Private Equity Partners. The new investors join Venari’s management and existing private equity and investment firms Warburg Pincus, Kelso & Company, Temasek and The Jordan Company.
The Shenandoah Prospect
The Shenandoah well is located in Walker Ridge block 52 in the deepwater Gulf of Mexico.
According to Marathon Oil, the second appraisal well on the outside-operated Shenandoah prospect was spud in late May 2014 and is still drilling.
In 2013, Anadarko’s Shenandoah-2 appraisal well encountered more than 1000 net ft of oil pay in multiple high-quality, Lower Tertiary reservoirs. Similar to the initial Shenandoah discovery well, log and pressure data from the Shenandoah-2 well indicated excellent-quality reservoir and fluid properties.
Anadarko is the operator of the Shenandoah-2 well and the previously announced Shenandoah-1 discovery well, located in Walker Ridge block 52, with a 30% working interest. Partners in Shenandoah are ConocoPhillips (30%), Cobalt (20%), Venari Resources LLC (10%), and Marathon Oil (10%).
The Coronado Prospect
In May 2013, Chevron encountered more than 400ft of net oil pay at its deepwater Coronado well No. 1. Coronado encompasses Walker Ridge Block 98. The No. 1 well is located approximately 190 mi. off the Louisiana coast in 6127ft of water. The well was drilled to a depth of 31,866ft by the drillship Pacific Santa Ana.
Just this month, Chevron was using Pacific Drilling’s Pacific Santa Ana on the Anchor-1 well, located in th Green Canyon block 807, 131 mi. from Louisiana, which they had to abandon due to mechanical difficulties.
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