RNS Number:0803M
Venture Production PLC
10 May 2005


10th May, 2005

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


               Venture Acquires Package of Oil Development Assets

Venture Production plc ("Venture"), the Aberdeen based UK independent oil and
gas production company, today announces that it has entered into an agreement to
acquire a package of development assets from Amerada Hess Limited ("Hess"). The
package, which is strongly weighted towards oil, comprises operated and
non-operated interests in eight undeveloped discoveries located in the Central
North Sea ("CNS") together with an interest in an Inner Moray Firth discovery
close to existing infrastructure. In addition, the acquired acreage contains a
number of undrilled prospects and a non-operated interest in exploration block
28/5a.

The consideration comprises a cash payment of $14.75 million upon completion
plus additional payments of (1) $1.75 million upon receipt of the first field
development approval on any of the acquired assets and (2) $2.5 million when
first commercial oil is achieved from the first of the acquired assets to
achieve production.

The CNS package of discoveries consists of four main asset clusters:

   * Christian and Bligh discoveries (Block 21/20a);
   * Acorn (operated) and Beechnut (part-operated) discoveries (Blocks 29/
    8a-S, 29/8b, 29/9a-S, 29/9b);
   * Halley field, Halley discoveries and the nearby operated Appleton
    discoveries and prospects (Blocks 30/11bS, 30/12bS, 30/11bN, 30/12bN);
   * Centurion discovery (Block 29/6a).

In addition, a non-operated interest in the West Wick discovery in the Inner
Moray Firth to the west of the producing Captain field will also be acquired.

Although a significant amount of work and capital investment is required to
generate and refine the various development plans needed to bring the assets
on-stream, Venture estimates that over the next two to three years the acquired
assets could yield net additional reserves of between 50 and 60 million barrels
of oil equivalent ("mmboe") with a 75:25 oil:gas split. The average initial net
P50 incremental production rate for each near-term development is of the order
of 3,000 to 4,000 barrels of oil per day ("bopd") and the potential total
additional production from the package is 20,000 to 30,000 bopd (net to Venture)
by the 2008 to 2009 timeframe.

Work will begin immediately to progress toward full Field Development Plan
status on several of the acquired interests where Venture anticipates becoming
operator following legal completion. Completion remains subject to regulatory
and customary DTI and partner approvals.

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

"Adding the fresh development inventory announced today is exactly in line with
Venture's growth strategy. We are currently focused on delivering a series of
major development projects over the 2005-7 timeframe and the Hess package adds
significantly to the next wave of future developments. Whilst understandably
non-core to the current owner, applying Venture's business model and focus to
this bundle of oil discoveries will help us continue pushing peak production
from our asset base higher and further out in time."

                                      ENDS
Contact:

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

Patrick Handley, Brunswick 020 7404 5959
Chris Blundell, Brunswick

Notes to Editors:

   * Venture currently operates 18 field interests in the UK North Sea of
    which 10 are in production, 7 are undeveloped discoveries and one is an oil
    field under development (Chestnut)


   * In addition, Venture is a partner in the Saturn field currently under
    development (operated by ConocoPhillips) and in two further non-operated
    discoveries


   * Upon legal completion of the acquisition announced today Venture will
    add the following interests to its asset base:


Central North Sea
Christian   P.185                  21/20a                    28.46
Bligh       P.185                  21/20a                    28.46
Acorn       P.012 & P.227          29/8a-S & 29/8b           45.80 (operated) & 61.62 (operated)
Beechnut    P.012 & P.227          29/9a-S & 29/9b           45.80 (operated) & 32.40
Halley      P.185                  30/11bS, 30/12bS          40.00
Appleton    P.185                  30/11bN, 30/12bN          100 (operated)                   
Centurion   P.244                  29/6a                     53.81 (operated)

Inner Moray Firth
West Wick   P.185                  13/21a                    28.46

   * This will take the numbers of undeveloped discoveries in the Venture
    portfolio to 17 of which 11, or 65%, will be operated.


   * Current production from Venture's existing asset base is in excess of
    35,000 boepd and it is anticipated that this will rise to over 45,000 boepd
    as an average for Q4 2005.




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

END
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