RNS Number:8922X
Venture Production PLC
06 June 2007


                            VENTURE PRODUCTION plc

                      2007 AGM Chief Executive's Statement

                                 6th June 2007



At today's Annual General Meeting, Mike Wagstaff, Venture's Chief Executive,
made the following statement:


"I am delighted to report that 2006 represented another year of record operating
and financial performance for Venture and one in which we continued to see
strong performance across all areas of our business. During the year, we
delivered a 50% increase in average oil and gas production which, combined with
strong commodity prices, resulted in a more than doubling of cashflow and net
income. Venture's long term future was underpinned by a total investment of over
#300 million during 2006, including acquisitions, the largest of which, CH4
Energy, has given us a fourth production hub.


Venture reached an important milestone with our busines generating cashflow
significantly in excess of capital expenditure for the first time in its
history. As a result, we are able to make inaugural dividend payments totalling
50p per share to reward shareholders for the progress in building Venture to
this point, and to reflect the Board's confidence in the future growth of the
business in 2007 and beyond.


During the first five months of this year we have made good operational progress
and, despite the severe weather conditions offshore in early 2007, our
development programme is on track. The next six months will see the most active
period of development activity in the Company's history with three mobile
drilling units operating and field development activity on a total of 15
projects at various stages of maturity.


In particular, on 4th June, we spudded the Channon exploration well in the
southern North Sea and results from this well are anticipated in 2 - 3 months.
Today we are able to announce first production from the Mimas gas field in
southern North Sea, (Venture interest - 15%) with initial gross production rates
of approximately 50 MMcfpd. In the central North Sea we have now successfully
completed laying the GKA oil export pipeline and offshore work continues to tie
both ends of the pipeline in to the export infrastructure. 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.


Total Group production is currently running at approximately 50,000 boepd, and
we remain on target to deliver annual average production of 47-51,000 boepd for
2007. Our development programme is expected to sustain Venture's growth for the
foreseeable future and we remain on course to achieve our strategic goal of
doubling the size of our business from 2005 levels to 60-70,000 boepd by 2009."


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

END
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