Venari Resources Announces Successful Results From The Anchor Appraisal Well In The Deepwater Gulf Of Mexico

DALLAS and HOUSTON, Oct. 29, 2015 /PRNewswire/ -- Venari Resources LLC, a deepwater oil exploration and production company in the Gulf of Mexico, announced today successful results from the initial appraisal at its Anchor discovery previously announced in January 2015.

The Anchor-2 discovery well, which spud in 2014, is located in 5,180 feet of water in Green Canyon Block 807, approximately 140 miles off the coast of Louisiana.  The discovery well was drilled to a depth of 33,750 feet and encountered 690 feet of net oil pay in multiple Lower Tertiary Wilcox sands. 

The Anchor-2 sidetrack#1 well was drilled down dip to delineate the discovery and confirmed the hydrocarbon accumulation found in the discovery well.  The appraisal well encountered 694 feet of net oil pay, a hydrocarbon column of at least 1,800 feet in the Lower Tertiary Wilcox reservoirs and indicated the reservoirs are well developed.  

"The appraisal results to date suggest that Anchor could be one of the largest oil accumulations in the Lower Tertiary Wilcox trend," said Brian Reinsborough, President and Chief Executive Officer of Venari Resources.  "Anchor – and the previously announced Shenandoah and Guadalupe discoveries – along with our extensive prospect inventory in the immediate areas provide a solid foundation for Venari's continued growth in this prolific trend in the Deepwater Gulf of Mexico."

Complete appraisal of the field will require further delineation wells and technical studies.

Venari holds a 12.5% working interest in Anchor. Other co-owners are Chevron U.S.A. Inc., a subsidiary of Chevron Corporation as operator (55%), Cobalt International Energy, L.P. (20%) and Samson Offshore Anchor, LLC (12.5%).

Media Contact
Grant Dreger
Vice President, Strategic Planning and Corporate Development
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ABOUT VENARI RESOURCES

Venari Resources, a privately held offshore exploration and production company founded in 2012 by deepwater E&P expert Brian Reinsborough, is focused on the prolific oil-prone subsalt region in the Gulf of Mexico's deep waters. Since its formation, preeminent global investment firms led by Warburg Pincus, Kelso & Company, Temasek, and The Jordan Company have committed $2.4 billion of capital to Venari's exploration program and development projects. Venari has built a large inventory of drillable prospects and leases in the Gulf of Mexico including the Shenandoah discovery in the Walker Ridge area, the Guadalupe discovery in Keathley Canyon and the Anchor discovery in Green Canyon. The Company is headquartered in Dallas and has an additional office location in Houston. For more information, visit www.venari.com.

SOURCE Venari Resources LLC

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