Venari Resources LLC, a deepwater oil E&P company in the Gulf of Mexico (GoM), announced a material oil discovery at its Guadalupe prospect in Keathley Canyon Block 10, according to a press release.

The Guadalupe-1 well, which spud in June 2014 and drilled in 1,217 m (3,992 ft) of water to a total depth of 9,197 m (30,173 ft), encountered significant oil pay in the Lower Tertiary Wilcox Sands. Venari, which holds a 15% working interest in Guadalupe, and its co-owners, Chevron U.S.A. Inc. as operator (42.5%) and BP Exploration & Production Inc. (42.5%), are evaluating the well results to date and assessing the next steps toward future appraisal activity.

“Guadalupe is a sizeable discovery and demonstrates Venari’s capability to explore for significant resources in this emerging play of the deepwater Gulf,” said Brian Reinsborough, CEO and president of Venari Resources. He added, “With previously announced discoveries, including the potentially giant Shenandoah Field, and its expansive multiyear exploration inventory, Venari is positioned very well for continued growth in this prolific region of the Gulf.”

Venari’s strategy of nonoperated exploration in the deepwater GoM has enabled it to form partnerships with some of the most successful explorers in this resource-rich region, including Chevron U.S.A. Inc., ConocoPhillips and Anadarko Petroleum Corp., according to the release.

Offshore