RNS Number:3540H
Venture Production PLC
08 August 2006


8th August, 2006


                             VENTURE PRODUCTION plc


                   Venture Operated Goosander Field On Stream


Venture Production plc ("Venture"), the Aberdeen based UK independent oil and
gas production company, today announces that production has successfully
commenced from the Goosander oil field. Goosander is located in Block 21/12
within the Greater Kittiwake Area ("GKA"), a central North Sea oil production
'hub' operated by Venture.


Goosander has been developed as a sub-sea tieback to the Venture operated
Kittiwake platform utilising two subsea flowline bundles totalling 12 kilometres
in length. The bundles were manufactured and installed by Subsea7 from their
construction site in Wick and have been designed and engineered to accommodate
future production and water injection wells and the potential for re-use on
future subsea tie-backs.


The Goosander discovery well 21/12-3 has been re-entered and completed as a
production well and, subject to initial production performance, the drilling of
a water injection well is planned for 2007. Estimated gross proven and probable
recoverable reserves for the field amount to 15.2 million barrels of oil
("MMbo") and initial production rates are in line with expectations. Venture
holds a 50% working interest in and acts as operator for Goosander and the GKA
as a whole.


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


"First production from Goosander sees us deliver another important milestone in
Venture's 2006 development plan and it is great to be able to announce this news
almost a month ahead of schedule. This project brings on stream a sizeable field
that was discovered back in 1998 but has remained 'stranded' and undeveloped
until today and is another illustration of Venture's operatorship-led strategy
in action. This new production from Goosander means the productive capacity of
GKA is now at around 28,000 boepd gross, almost three times the average
production rate achieved during 2005."



                                      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 water flood development is expected to deliver a peak
annual average gross oil production rate of approximately 9,500 barrels per day.


-            The expected field life is 7 to 10 years, with cumulative
production of 15.2 million barrels of oil and 2.6 billion cubic feet of gas
(gross). Associated gas from GKA fields is either used to power the Kittiwake
platform or exported into the Fulmar gas line.


-            The Greater Kittiwake Area, including the Goosander field, is
jointly owned by Venture Production plc and Dana Petroleum plc (50% each) and
contains the currently producing Kittiwake, Mallard and Gadwall fields.








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