Venari Resources LLC declared a major oil discovery at its Shenandoah prospect in Walker Ridge Block 51 and provided an update on its Coronado prospect in Walker Ridge Block 98.

The Shenandoah-2 well, which spud on September 16, 2012 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.

Venari holds a 10% working interest in Shenandoah. Venari and its co-owners Anadarko Petroleum Corporation, as operator (30%), ConocoPhillips (30%), Cobalt International Energy (20%) and Marathon Oil Corporation (10%) are evaluating the Shenandoah well results and assessing the next steps toward future appraisal activity.

Tags: Venari Resources LLC