RNS Number:9323V
Venture Production PLC
20 December 2005


20th December, 2005

                             VENTURE PRODUCTION plc

               Venture Completes Trinidad Operational Withdrawal

Venture Production plc ("Venture"), the Aberdeen based UK independent oil and
gas production company, today announces that it has completed the sale of its
Trinidad operations to Ten Degrees North Energy Limited ("TDN"), a recently
formed local Trinidadian company.

Venture retains an economic interest in its Trinidadian assets through a 40%
equity stake in TDN and it will appoint a representative to the Board of the new
company. Venture will cease to have any direct operational involvement in
Trinidad, consistent with its corporate focus on expanding its UKCS business.

Commenting on the completion of the transaction, Mike Wagstaff, Chief Executive,
said:

"I am very pleased to announce completion of a deal which sees us rationalise
our business to be 100% UK focused, yet at the same time allows us to retain a
material interest in the upside generated by Trinidadian assets. These assets
were the bedrock of Venture and without them we would not have been able to
build the business we have today. We believe that attractive development
opportunities still exist in Trinidad and I look forward to Ten Degrees North
positioning itself to take advantage of them as a new local independent energy
company".

                                      ENDS

Contact:

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

Patrick Handley, Brunswick
Chris Blundell, Brunswick                                    020 7404 5959

John MacDonald, Weber Shandwick (Scottish Press)             01224 806600


Notes to Editors:

   * Venture has transferred its entire interests in Trinidad to TDN, a newly
    established company in which it will hold 40% equity ownership.


   * Dr Jim Lee-Young and Bruce Dingwall, who are both Trinidadian citizens,
    hold 35.5% of TDN between them. Dr Lee-Young ran the Trinidadian operations
    for Venture prior to the disposal and Mr Dingwall was Chief Executive of
    Venture from its inception in 1997 until September 2004.


   * Venture's Trinidadian interests consist of:

Licence/Concession       Venture Interest  Operator   Status
WD-13                     100.0%            VPTL      Producing oil field
WD-14                     100.0%            VPTL      Producing oil field
Tabaquite                 100.0%            VPTL      Producing oil/gas field
Brighton Marine           100.0%            VPTL      Producing oil field
Point Ligoure              50.0%            VPTL      Producing oil field

   * Without fresh investment Venture's Trinidadian assets have been
    producing at an average rate of around 1,000 barrels of oil per day ("bopd")
    net to Venture in the 12 months to 31 December 2005.


   * This strategic disposal leaves Venture wholly focused on the United
    Kingdom Continental Shelf ("UKCS") where it currently operates 21 field
    interests. Of these, 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 being a partner in a further eight undeveloped discoveries.


   * Venture is currently producing in excess of 50,000 barrels of oil
    equivalent per day ("boepd").






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

END
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