RNS Number:5489C
Venture Production PLC
08 May 2006


8th May, 2006


                             VENTURE PRODUCTION plc

           Venture Announces DTI Approval of Mimas Field Development

Venture Production plc ("Venture"), the Aberdeen based UK independent oil and
gas production company, today announces that the UK Department of Trade and
Industry ("DTI") has given its approval for the development of the Mimas gas
field located in Block 48/9a, 13 kilometres north east of the producing Saturn
field development. Venture holds a 15% interest in Mimas, which is being
developed via a normally unmanned two-slot platform with one planned production
well tied back to the Saturn facility through a 10 inch pipeline to be installed
this summer. ConocoPhillips is operator of both Mimas and Saturn. Mimas is being
developed simultaneously with the ConocoPhillips operated Tethys field which
will deliver economies of scale with regard to facilities and installation
costs.

The discovery well on the Mimas field, 48/9a-2, was originally drilled in 1989
and suspended for subsequent re-use. The production well to be drilled during Q3
2006 will be twinned with the discovery well. First gas from Mimas is forecast
in December 2006 at an initial gross rate of around 40 million cubic feet per
day ("MMcfpd") or 6 MMcfpd net to Venture and the field is expected to continue
in production until 2016. Gross proven and probable recoverable reserves for the
field amount to 46 billion cubic feet ("Bcf") or 6.9 Bcf net to Venture.

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

"Mimas will provide us with additional gas to sell into the UK market during
winter 2006/7. It represents another incremental project in the development of
our southern North Sea gas business and an important enhancement to the
successful Saturn development brought on stream at the start of last winter. We
continue to work closely with ConocoPhillips to maximise the potential of the
acreage in which we have shared interests."

                                      ENDS



Contact:


Mike Wagstaff, Chief Executive
Jon Murphy, Chief Operating Officer
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:


-    The base case Mimas development is expected to deliver annual
     average gas production rate of approximately 4.6 million cubic feet per day
     during 2007 (net to Venture).

-    The expected field life is around 10 years, with cumulative
     production of 6.9 Bcf of gas (net to Venture).

-    First gas is anticipated by the end of December 2006.

-    Venture has a 15% interest in the Mimas field alongside
     ConocoPhillips (35%, operator) and RWE (50%).

-    Venture has no economic interest in the Tethys field which is owned
     by ConocoPhillips (25%, operator) and RWE (75%).

-    The development of the Mimas field commenced with design and
     procurement in Q3 2005.

-    The platform installation and subsea activity is scheduled for Q2/3
     2006 and the drilling activity for Q3/Q4 2006.

-    Mimas and Tethys are being developed using similar minimum
     facilities platforms ("MFPs") that are relatively low cost and suitable the
     water depth of around 30 metres.













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