VPC Venture Prod.

RNS Number:4653V
Venture Production PLC
12 December 2005


12th December 2005

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


     Acquisition of Further Interests in Acorn and Beechnut Oil Discoveries

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 CNR International (U.K.) Limited and CNR International (U.K.)
Developments Limited's (together "CNR") interests in the Acorn and Beechnut
Central North Sea oil discoveries. The discoveries are contained in Blocks 29/
8a-S and 29/8b (Acorn) and Blocks 29/9a-S and 29/9b (Beechnut). Subject to
future unitisation, Venture estimates that these additional interests take its
working interest in Acorn from 50% to 79% and in Beechnut from 37% to 72%. It is
anticipated that Venture will become operator of both Acorn and Beechnut.

The consideration comprises a cash payment of US$1,400,000 upon completion plus
additional payments of (1) US$80,000 upon receipt of the first field development
approval on either of the acquired assets and (2) US$120,000 when first
commercial oil is achieved from the first of the acquired assets to achieve
production.

Acorn was discovered in 1983 and Beechnut in 1985, both discovery wells having
had successful drill stem tests. Several development options exist including
conventional subsea tie-back to nearby export infrastructure and a floating
production solution. It is anticipated that the two accumulations will be
developed jointly by up to five production wells and combined reserves are
expected to be between 10 and 15 million barrels net to Venture.

Completion remains subject to regulatory and customary DTI and partner
approvals.

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

"This latest acquisition consolidates our interests in the Acorn and Beechnut
discoveries and gives us operatorship of both prospective developments. We will
be adding them in to our medium term development plans and, subject to partner
and regulatory approvals, could envisage delivering first oil by 2010. These are
exactly the kind of 'stranded' assets upon which Venture has been built and I am
very pleased to have agreed a deal that bolsters our continuing growth. In
total, during 2005 Venture has now made seven acquisitions adding significantly
to our long-term development inventory."

                                      ENDS
Contact:

Mike Wagstaff, Chief Executive
Rod Begbie, Corporate Development Manager 01224 619000

Patrick Handley, Brunswick
Chris Blundell, Brunswic 020 7404 5959

John MacDonald, Weber Shandwick (Scottish Press) 01224 806600

Notes to Editors:

   * Upon legal completion of the acquisition announced today Venture will
     have the following interests in the Acorn and Beechnut discoveries:

Assett     License         Blocks           Acquired Interest(%)
Central North Sea
Acorn      P.012 & P.227   29/8a-S & 29/8b  79.80 (operated) & 77.63 (operated)
                           
Beechnut   P.012 & P.227   29/9a-S & 29/9b  79.80 (operated) & 68.71 (operated)
                           

   * Talisman Energy and Nexen Petroleum hold the remaining equity interests
     in the Acorn and Beechnut discoveries.


   * Venture currently operates 21 field interests in the UK North Sea of
     which 10 are in production, three are currently under development (Chestnut,
     Goosander, Amanda) and eight are undeveloped discoveries.


   * In addition, Venture is a partner in the producing Saturn field and the
     Mimas discovery currently under development (both operated by ConocoPhilips)
     as well as a further eight undeveloped discoveries.




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

END
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