RNS Number:5865K
Venture Production PLC
05 April 2005


5th April, 2005

                             VENTURE PRODUCTION plc
                   ("Venture", "the Company" or "the Group")


                  Venture Announces Saturn (Annabel) on Stream

Venture Production plc ("Venture"), the Aberdeen based UK independent oil and
gas production company, today announces that the Saturn (Annabel) gas field
("Annabel") came on stream on 3rd April, 2005.

The Annabel gas field, in which Venture holds a 100% working interest, is
located in the southern North Sea approximately 100km off the Lincolnshire
coast. The Annabel field has been developed as a 17 km sub-sea tie-back of the
48/10a-12 discovery well, drilled in 2003, to the nearby Venture-operated
"Audrey" production facilities. Gas is exported via the existing LOGGS
infrastructure and into the Theddlethorpe terminal in Lincolnshire.

Following successful hydraulic fracturing the well was completed for future
production and tied-into the Audrey 'A' platform. Initial production rates are
in line with expectations and are anticipated to be between 60 and 70 MMcfpd. In
order to optimise production and maximize recoverable reserves, Venture is
planning to drill a second well in the field in mid-2005.

On an annualised basis Annabel is expected to add around 45 MMcfpd or 7,500
boepd to Venture's 2005 production and in excess of 60 MMcfpd or 10,000 boepd in
2006, subject to current project timing and the success of the second
development well. Total proven and probable reserves for Saturn (Annabel) are
estimated to be 96 billion cubic feet ("Bcf") from the two wells.

Commenting on the news Mike Wagstaff, Chief Executive, said:

"First gas production from Annabel represents a major development milestone for
Venture and will give a significant boost to Venture's production. The
fast-track development of Annabel through existing infrastructure in only 19
months from discovery to first sales gas is a perfect demonstration of Venture's
development strategy in action. Annabel represents the first of a series of
major development projects expected to come on stream during 2005 which should
enable Venture to double its production this year without being reliant on
further major acquisitions."

                                      ENDS
Contact:

Mike Wagstaff, Chief Executive
Jon Murphy, Chief Operating Officer                                 01224 619000
Rod Begbie, Corporate Development Manager

Patrick Handley, Brunswick                                         020 7404 5959


Notes to Editors:

   * Venture entered the southern North Sea ("SNS") in 2001 through the
    acquisition of interests in the Audrey, Ann and Alison gas fields.

   * Venture has built its SNS business through eight acquisitions, five
    major commercial transactions and participation in four wells over the
    period 2001-2004.

   * Venture is the operator and 100% owner of Audrey, Ann, Alison, Saturn
    (Annabel) and Amanda and has a 22% non-operated interest in the Saturn
    Development (operated by ConocoPhillips).

   * As a result, Venture now has interests in seven SNS gas fields:
        -    four in production - Audrey, Ann, Alison and Annabel
        -    three near term developments anticipated to come on stream in 
             2005/6 - Saturn (Hyperion, Atlas), Mimas and Amanda
        -    at the end of 2004, total net proved and probable reserves amounted 
             to 257 Bcf
        -    this existing gas portfolio has the potential to deliver peak
             production of approximately 200 MMcfpd (36,000 boepd) over the next 
             several years




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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