Drilled on 16 September 2012 in about 5,800ft of water to a total depth of 31,405ft, the Shenandoah-2 well encountered net oil pay in excess of 1,000ft.
The well is about 1,700ft structurally down-dip from the Shenandoah-1 discovery.
In 2009, the Shenandoah-1 well was drilled in Walker Ridge Block 52 and encountered net pay approaching 300ft.
Venari has a ten percent working interest in Shenandoah, while Anadarko Petroleum, with 30% interest, is the operator.
Venari and other partners are estimating the Shenandoah well results and assessing the next steps toward future appraisal activity.
Venari Resources chief executive officer and president, Brian Reinsborough, said the Shenandoah appraisal well has established the field to be a major discovery, which holds quality reservoir and fluid properties, and large resource potential.
"This well has the potential of becoming one of the largest oil discoveries ever made in the deepwater Gulf of Mexico and demonstrates Venari’s capability to explore for significant resources in the emerging areas of the deepwater Gulf," Reinsborough added.
Venari also said that the Coronado prospect, which was drilled on 1 June 2012, has met all pre-drill expectations on net feet of pay and resource estimation. Located about six miles from the Shenandoah discovery in 6,127ft of water, the well was drilled to a total depth of 31,866ft.
Venari has a ten percent working interest in Coronado, while Chevron is the operator with 40% interest. Other co-owners of the well include ConocoPhillips and Anadarko Petroleum with 35% and 15% interest, respectively.
Venari Resources was formed on 22 May 2012 with an investment of nearly $1.125bn.
Image: Shenandoah-2 encountered net oil pay in excess of 1,000 feet. Photo courtesy of freedigitalphotos / suwatpo.