Venture Production has underlined its belief in the exploration potential of the east Irish Sea by farming into a big gas prospect in the area.

Venture Production has underlined its belief in the exploration potential of the east Irish Sea by farming into a big gas prospect in the area.

The Aberdeen-based oil and gas independent said it had acquired a 70% stake in the block which contains the 58-billion-barrel Whitbeck prospect in return for paying to have an exploration well drilled on the structure.

Venture plans to drill an appraisal well on the prospect within the next two years in the expectation that if the company finds gas in commercial quantities, it could be brought into production relatively quickly.

Whitbeck lies 12 kilometres north-east of the main South Morecambe platform, which would provide a potential export route.

The estimated geological chance of success for appraisal is 75%.

Under the terms of the deal with Reach Exploration, the acquisitive Venture has also agreed to pay an undisclosed amount in respect of historic costs incurred on Whitbeck and two other leads on the acreage.

Chief executive Mike Wagstaff said: "This is the sixth deal we have announced so far in 2008 in what is proving to be a vibrant market for asset acquisitions."

He added: "Whitbeck adds a low-risk prospect to our east Irish Sea position."

North Sea-focused Venture first gained exposure to Ireland last year when it acquired a 40% stake in the Carna discovery in the east Irish Sea as a result of the takeover of Wham Energy.

In January, the company upped its stake in Carna and bought holdings in two other fields in the east Irish Sea.