VPC Venture Prod.

RNS Number:1754P
Venture Production PLC
09 January 2007

9 January 2007


                             VENTURE PRODUCTION plc

               Venture Announces Farm-In to Barbarossa Discovery

Venture Production plc ('Venture'), the Aberdeen headquartered UK independent
oil and gas production company, today announces that it has signed and completed
an agreement with Nido Petroleum (UK) Ltd ('Nido') and Corsair Petroleum Ltd
('Corsair') to farm-in to the Barbarossa discovery in Block 47/9c in the
Southern North Sea. Barbarossa adjoins Venture's Channon exploration prospect in
blocks 47/3h and 47/8c.

Barbarossa was discovered by well 47/9b-4 in 1982. In 2004 a Promote licence was
awarded to Nido and Corsair. EnCore Oil plc ('EnCore') is in the course of
acquiring Nido.

A single well development is planned targeting approximately 30-35 Bcf of gross
reserves (29-32 Bcf net to Venture). Under the terms of the farm-in deal:

   -   Venture will pay 100% of well costs in exchange for a 90% working
       interest in License P.1241 (covering Block 47/9c);

   -   Venture will be appointed operator;

   -   Venture has the drilling rig Noble Julie Robertson contracted until
       the fourth quarter of 2008 and has committed a slot in this programme to
       drill an appraisal/development well on the Barbarossa discovery. This 
       well is anticipated to be drilled in late 2007 or early 2008.

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

"We are very pleased to have added the Barbarossa discovery to our portfolio of
development prospects. This offers Venture the opportunity to high grade the
Noble Julie Robertson's drilling programme and potentially to generate
development synergies with our Channon exploration prospect. This is a
lower-risk opportunity with potential for a further phase of development to be
examined. It demonstrates the value that can be added as an efficient
development and production operator with access to financial and offshore
resources in an expensive market for the acquisition of onstream producing
assets. It also demonstrates the effectiveness of the UK Government's promote
licensing system in generating drilling on undeveloped 'stranded' discoveries."

ENDS

Contact

Venture Production plc
Mike Wagstaff, Chief Executive
Rod Begbie, Corporate Development Manager
Doug Fleming, Corporate Analyst                                   01224 619 000

Patrick Handley, Brunswick                                        0207 404 5959
John MacDonald, Weber Shandwick                                   01224 806 600


Notes to Editors

Barbarossa


   -  Lies wholly within Block 47/9c

   -  Discovered in 1982 by well 47/9b-4 by the British Gas Council

   -  Rotliegend reservoir

   -  Subsequently relinquished and relicensed under Promote terms by
      Corsair Petroleum Ltd and Nido Petroleum (UK) Ltd in 2004.

   -  First phase of development a single subsea well with likely tie-back
      to the Mercury platform and onward export to Dimlington.

   -  Targeting 30-35 Bcf of gross reserves.

The Farm-In Agreement

   -  Venture has acquired a 90% working interest in licence P.1241
      (covering block 47/9c). The balance is held by Corsair Petroleum Ltd and 
      Nido Petroleum (UK) Ltd (which is in course of being acquired by EnCore 
      Oil plc).

Venture Production plc

   -  Aberdeen based, UK independent oil and gas producer, focused on the
      North Sea.

   -  Listed on London Stock Exchange with a market capitalisation of
      approximately #1.2 billion.

   -  Net average production guidance for 2006 of 41,500 to 43,500 boepd
      (including contribution from CH4 Energy Limited).

   -  Proved and Probable Reserves of 161 MMboe (at 31 December 2005). The
      acquisition of CH4 Energy Limited added 30.7 MMboe (at 30 June 2006).

Venture will announce its 2006 results in April 2007.





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

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