American Oil and Gas Reporter - February 2015 - 93

Venari Resources' Strategy

Leading To

Major Discoveries
In Deepwater Subsalt Plays
By Colter Cookson
HOUSTON-In the two and a half years since its formation, Venari Resources
has demonstrated a knack for discovering oil in the deepwater Gulf of Mexico.
The company has participated in four major discovery wells: Anchor No. 2 in
Green Canyon Block 807, Guadalupe No. 1B in Keathley Canyon Block 10,
Coronado No. 1 in Walker Ridge Block 98, and Shenandoah No. 2 in Walker
Ridge Block 51.
"We are very excited about Shenandoah, which potentially is one of the
largest discoveries to date in the deepwater Gulf, along with our Anchor
(announced in January) and Guadalupe (announced last fall) discoveries," says
Brian Reinsborough, the company's founder, president, and chief executive
officer. "Both Shenandoah and Anchor have the scale to be developed using
stand-alone facilities. Guadalupe is smaller, but still sizable."
Reinsborough attributes the company's success, in part, to a contrarian
strategy. "In 2010 and 2011, I wanted to enter the deepwater Gulf of Mexico
because I saw an opportunity to build a company of scale," he relates. "As the
industry emerged from the drilling moratorium, I thought companies would
over-risk the deepwater Gulf, which meant many companies would want to
share risk capital on exploration projects. Venari was formed to fill the void of
well-financed companies that were technically capable and interested in
absorbing that risk.
FEBRUARY 2015 93



American Oil and Gas Reporter - February 2015

Table of Contents for the Digital Edition of American Oil and Gas Reporter - February 2015

Contents
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