RNS Number:4688V
Venture Production PLC
12 December 2005


12 December 2005

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

            Venture Forms Strategic Alliance with Sevan Marine ASA


Venture Production plc ("Venture"), the Aberdeen based UK independent oil and
gas production company today announces that Venture and Sevan Marine ASA
("Sevan") have formed a strategic alliance to jointly pursue oil field
development opportunities utilising Sevan Marine's SSP floating production and
storage system in the UK sector of the North Sea. Earlier this year, Venture
signed a contract on behalf of the Chestnut partners, for the use of an SSP300
in the development of the Chestnut Field for which DTI field development
approval has now been received.

As part of the strategic alliance with Sevan, Venture has the option to re-use
the Chestnut SSP 300 on a follow-on field development project after Chestnut has
ceased production. The extension will be at a pre-determined day rate and
Venture will take a 20% equity stake in the Chestnut SSP 300 unit. Furthermore,
Venture and Sevan will jointly co-operate on a non-exclusive basis to pursue
additional oil field development opportunities in the UK sector of the North
Sea.

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

"Formation of a strategic alliance with Sevan to extend the use of the SSP
system in the North Sea will allow Venture to capitalise on the experience
gained in developing Chestnut. It offers a simple, re-usable, low cost solution
which has the potential to lower the economic threshold for economic development
of 'stranded' oil fields in the North Sea. This new strategic alliance with
Sevan Marine and the equity stake we are taking in the Chestnut unit, will
enable Venture to push forward its well proven strategy of acquiring and
developing "stranded" fields in the North Sea and at the same time, play a part
in the establishment of an innovative new offshore technology".

Contact:

Mike Wagstaff, Chief Executive
Marie-Louise Clayton, Finance Director                          01224 619000
Rod Begbie, Corporate Development Manager

Patrick Handley, Brunswick
Chris Blundell, Brunswick                                       020 7404 5959
Eilis Murphy, Brunswick

John MacDonald, Weber Shandwick (Scottish Press)                01224 806600
Notes for Editors:

     *    The Chestnut field partners are:
               
          -    Venture (the Operator) - 69.875%;
          -    Bow Valley Petroleum (UK) Limited - 15.125%; and
          -    Atlantic Petroleum UK Limited - 15.000%

     *    Chestnut is located entirely within Block 22/2a, approximately 13 km
          south east of the Alba field.

     *    The Chestnut field was discovered in 1986 and the reservoir is at a
          depth of approximately 7,000 ft. The field has been appraised by six 
          wells. The last of these, well 22/2a-11x was drilled in 2001 and 
          placed on extended well test ("EWT") utilising the Crystal Ocean 
          floating production vessel. The well produced approximately 1 million 
          barrels of oil during the test. The well test helped reduced the 
          uncertainty over oil in place and reserves and confirmed the reservoir 
          deliverability. This production well was suspended and forms the basis 
          of Chestnut field development. A new water injection well will be 
          drilled as part of the development

     *    On 24th November, Venture announced it had received Field Development
          Plans approval for Chestnut

     *    Sevan Marine ASA is an offshore technology company, which specializes 
          in the market for floating production and storage systems for oil and 
          gas production. Sevan Marine has developed a new, cylinder shaped 
          platform type named SSP (Sevan Stabilized Platform), which is suitable 
          for use in all sea environments. Sevan Marine has offices in Tananger           
          and Arendal, Norway and Rio de Janeiro, Brasil. The Company is listed 
          on the Oslo Stock Exchange. (SEVAN. OL)

     *    The Chestnut SSP is the second unit contracted by Sevan Marine this
          year, as Sevan Marine has already entered into an 11 year contract 
          with the Brazilian oil company Petrobras S.A. for the provision of one 
          SSP 300 to the Piranema field offshore Brazil, with first oil expected 
          mid-2006.



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