Venari Resources Expands Gulf Of Mexico Portfolio With Successful Lease Sale Bids
DALLAS and HOUSTON, March 21, 2013 /PRNewswire/ -- Venari Resources LLC ("Venari" or the "Company"), a deepwater oil exploration and production company in the Gulf of Mexico, today announced it was the high bidder on 15 deep water blocks in the Central Gulf of Mexico offshore lease sale held yesterday by the Bureau of Ocean Energy Management (BOEM) in New Orleans.
The Company was successful on 15 of 18 total bids for a total expenditure of approximately $86.8 million net to Venari. This includes winning the most competitively bid block in the lease sale at $45.5 million (100% bid) on Walker Ridge Block 187, topping the next closest bid of $43.6 million and four other companies.
"We are excited about winning these blocks and expanding our presence in the
Gulf of Mexico," said
Brian Reinsborough, Chief Executive Officer and President of Venari Resources. "The lease sale results build on our recent discoveries at Shenandoah and
Coronado, and further establishes Venari's deep and robust portfolio."
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