VPC Venture Prod.

RNS Number:0786X
Venture Production PLC
23 May 2007


                             VENTURE PRODUCTION plc


                               Operational Update

                                 23rd May, 2007


Venture Production plc ("Venture"), the Aberdeen based independent oil and gas
production company today provides an operational update on current field
development activities.


Amanda / Agatha


The Amanda appraisal well (Venture - 66.7%) has been drilled, completed and
tested at rates of approximately 2 million standard cubic feet per day
("MMcfpd") which is below expectations and is not economic on a stand alone
basis. Given the potential for a joint sub-sea development with Agatha the well
is currently being suspended awaiting the results of the Agatha exploration well
and to evaluate the potential to improve well deliverability. The Agatha well is
expected to spud in late July once the Noble Julie Robertson drilling rig has
completed the Channon exploration well.


Chiswick


The Chiswick Alpha development well (Venture - 95.0%) was successfully drilled
and has been completed and suspended pending hydraulic fracturing. The well
encountered reservoir quality in line with expectations and the Noble Kolskaya
jack-up drilling rig will return to the field in late June to drill Chiswick
Gamma, the second development well and to facilitate the hydraulic fracturing of
the Alpha well. The availability of a well stimulation vessel had initially
proved to be a challenge. However, Venture has entered into an arrangement to
secure an appropriate vessel and equipment in July. First gas from Chiswick is
now expected in early September 2007, slightly later than was originally planned
but still well within schedule to benefit from the anticipated seasonal rise in
winter gas prices.


Mimas


The development of the Mimas field (Venture - 15.0%) is now almost complete with
the installation of the tie-back to the Saturn unit production facilities
(Venture - 22.0%). Sub-sea construction and tie-in is expected to finish by the
end of May and gas production will start immediately thereafter.


Narwhal (Block 28/2a)


An electromagnetic resistivity survey over a 24 km length within Block 28/2a
(Venture -100%) has been successfully completed and has confirmed the presence
of an oil anomaly updip from the original well on the Narwhal heavy oil
discovery. This new data has further delineated the oil-bearing reservoir and
means that the planned appraisal well (28/2a-B) can be drilled with increased
confidence. This well will aim to prove the oil quality distribution within the
reservoir and to prove sufficient recoverable reserves to support an economic
development of the field. The well is expected to spud during August 2007. Exact
timing for the appraisal well being dictated by the arrival of the Noble Ton van
Langeveld ("Noble TvL") semi-submersible drilling rig.


Central North Sea Drilling Operations


Venture has a four well appraisal programme planned for the Noble TvL targeted
at delivering additional production from 2009 onwards. The programme will
commence with a vertical well to appraise the Pilot heavy oil field in Block 21/
27a (Venture - 70.4%) and is planned to follow on with appraisal wells on the
Narwhal (Venture - 100.0%), Millburn (Venture - 70.0% net) and Grouse (Venture -
50.0%) accumulations during 2007.


The Noble TvL is currently in dry dock whilst routine maintenance checks are
carried out and new cranes are installed. Upon completion of the shipyard work,
the rig will commence its two year contract with Venture. The expected arrival
of the rig is now late June, however, this does not affect the timing of first
production from any of the targeted wells, the earliest of which is anticipated
onstream during 2009.


Greater Kittiwake Area ('GKA') Pipeline


This first section of the pipeline being built by North Sea Infrastructure
Partners between the Kittiwake platform and the Forties Pipeline System has been
successfully laid offshore with the remainder scheduled to be completed around
the end of May. This important infrastructure project remains on schedule and
budget to provide a permanent export solution for the Greater Kittiwake Area by
the fourth quarter this year. The new pipeline is expected to improve
operational uptime substantially, lower overall operating costs and allow GKA
field life to be extended.


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


"While the results of the Amanda appraisal are disappointing, we have an
extremely active drilling programme for this year and beyond which is expected
to maintain our strong growth. We entered 2007 with operational activity at
record levels and, despite challenging offshore operating conditions and a tight
market for equipment and services, we have maintained our momentum. With forward
prices for gas now firming and oil prices remaining very buoyant we are
confident in our ability to continue on a steady and profitable growth path."


The company's Annual General Meeting will be held at the Copthorne Hotel, Huntly
Street in Aberdeen on 6th June, 2007, commencing at two o'clock.



Contact:


Mike Wagstaff, Chief Executive
Jon Murphy, Chief Operating Officer
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





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

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