Venari Resources LLC, a
deepwater oil exploration and production company in the Gulf of Mexico, today
announced a major discovery at its Coronado prospect.
The Coronado discovery, which spud on June 1, 2012, encountered more than 400
feet of net oil pay. The Coronado well, which was drilled to a total depth of
31,866 feet in 6,127 feet of water, is approximately six miles from Venari's
Shenandoah discovery, which was previously announced on March 19, 2013. Venari
holds a 10% working interest in Coronado. Venari and its co-owners, including
Chevron Corporation CVX, as operator (40%), ConocoPhillips COP
(35%) and Anadarko Petroleum Corporation APC (15%) are evaluating the
well results to determine the full extent of the recoverable resource.
"Between the Coronado discovery, the potentially giant Shenandoah discovery,
and our recent high bids on remaining open blocks in the Shenandoah/Coronado
mini-basin, Venari is firmly positioned for significant growth in a future
production hub in the Gulf," said Brian Reinsborough, President and Chief
Executive Officer of Venari Resources. He added, "Venari's partnership with
industry-leading companies in the Coronado and Shenandoah discoveries supports
our mission of becoming the partner of choice in the deepwater."
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