VPC Venture Prod.

RNS Number:4670N
Venture Production PLC
07 February 2008


7th February, 2008


                             VENTURE PRODUCTION plc


                         Ensign Appraisal Well Success


Venture Production plc ("Venture"), the Aberdeen based UK independent oil and
gas production company, today announces that it has successfully drilled and
tested well 48/14a-6 to appraise the Ensign gas field.

The well which was spudded in October 2007, was drilled as an extended reach
horizontal well and was successfully hydraulically fractured five times to
improve well productivity. The well was stimulated utilising the boat and
pumping equipment developed earlier for the Chiswick field and has been
completed and tested.


Stabilised test rates for the Ensign well in excess of 40 MMscfd were achieved
which were at the top end of expectations and the well will be suspended for use
as a future producer. The development plan for the field will involve an
unmanned platform tied-back to nearby infrastructure and will be installed prior
to first gas, targeted for late 2009.


Ensign straddles Blocks 48/14a and 48/15a within the 'A' Fields area in the
southern North Sea and is 100% owned and operated by Venture. The development
has recoverable proven and probable ("2P") reserves of 96.6 Bcf (16.1 MMboe)
with an additional 25.3 Bcf (4.2 MMboe) of possible reserves. Ensign was first
discovered in 1986 by the 48/14-2 well and the gas-in-place volumes represent
one of the largest proven undeveloped gas fields in the area.


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


"This is an excellent drilling result and at the top end of our expectations. It
will allow us to push ahead with development of the field and significantly
derisks the project. Ensign is one of the largest undeveloped gas discoveries in
the southern North Sea and is further testament to how a highly focused operator
can unlock the substantial remaining value in challenging reservoirs.
Furthermore, we will be developing Ensign against the backdrop of an
increasingly favourable long-term market for gas in the UK as evidenced by the
fact that over the last 12 months the wholesale price has doubled."


                                      ENDS

Contact:

Mike Wagstaff, Chief Executive
Peter Turner, Finance Director
Lynne Estachy, Investor Relations Analyst                           01224 619000

Patrick Handley, Brunswick                                         020 7404 5959
John MacDonald, Weber Shandwick (Scottish press)                    01224 806600


Notes to Editors:

Ensign
     
-    The Ensign base case development is expected to deliver an initial gross 
     gas production rate of approximately 40 MMscfd from the first well. A
     number of additional wells are under evaluation with production facilities
     designed for 3 - 6 wells.

-    Venture acquired a 100% interest in the Ensign field through
     acquisitions from Shell, Esso and Centrica in 2005 and 2006.

-    The vast majority of gas reserves are located in Block 48/14a with
     the remainder in Block 48/15a.

-    Venture drilled an initial vertical single hydraulically fractured 
     appraisal well in 1Q 2007 which confirmed gas in-place volumes of 
     approximately 300 Bcf, however rates of 12-15 MMscfd achieved during the 
     production test were towards the lower end of expectations.

-    The second appraisal was then designed with a horizontal section allowing 
     multiple hydraulic fractures to be performed to improve well productivity.


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

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