Venture acquires 48% stake in Seaward license

PA Resources AB and Spyker Energy SAS have brought in Venture North Sea Gas Ltd. as a partner for Seaward License P1529 in the UK Southern North Sea under a farmout agreement.

Aug. 26, 2009

Uchenna Izundu
OGJ International Editor

LONDON, Aug. 26 -- PA Resources AB and Spyker Energy SAS have brought in Venture North Sea Gas Ltd. as a partner for Seaward License P1529 in the UK Southern North Sea under a farmout agreement.

Venture will gain a 48% interest in the acreage Blocks 43/9, 43/10, and 44/6 from PA Resources and a 12% working interest from Spyker.

Venture will fully pay for a 3D seismic survey over the Kennett lead to be operated by PA Resources with start in September. After the survey is fully completed, PA Resources will transfer the operatorship to Venture.

The new shares in the license will be Spyker with 8%, PA Resources with 32%, and Venture will hold 60%.

The transaction requires the approval of the UK government.

Contact Uchenna Izundu at [email protected].