RNS Number:5575P
Venture Production PLC
07 March 2008


7 March 2008


                            VENTURE PRODUCTION plc

                         Second Chiswick Well Onstream

Venture Production plc ("Venture"), the Aberdeen headquartered UK independent
oil and gas production company, today announces that it has successfully brought
the second production well in the Chiswick gas field onstream.

Following the Chiswick Alpha well which was brought onstream during September
2007, the Chiswick Gamma well was also successfully drilled from the Noble
Kolskya jack-up rig, hydraulically fractured and tested at rates of up to
62 million cubic feet per day ("MMcfpd"). Test rates were limited by the well
test package available and the estimated unconstrained production capability of
the well was 75 MMcfpd, materially in excess of pre-drill expectations. The
final well test had stabilised flow rates restricted to 55 MMcfpd in order to
minimise any solids production from the well. The well has recently been tied
into the producing infrastructure and came onstream in late February. Overall
production from the Chiswick field is currently over 70 MMcfpd although this
rate is restricted by the liquid handing capability on the production facility
whilst the Gamma well produces back the remaining fracture fluids. As the total
liquid level reduces the production rate is expected to steadily ramp up over
the coming weeks to between 80 and 90 MMcfpd.

Drilling of the Chiswick Gamma well represents successful completion of the
first phase of development of the Chiswick field. Work is ongoing to prepare for
up to three further wells targeting incremental reserves in the Gamma fault
block and the undrilled Beta fault block, subject to the continued encouraging
performance of the first two wells.

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

"Successfully bringing both Chiswick wells into production and completing this
challenging project is a fantastic example of how Venture is equipped to extract
value from 'stranded reserves' that previous operators have been unable or
unwilling to focus upon. As a result, our Dutch operated production hub now
contributes approximately 30% of Venture's total production. To build upon this
base we have recently appointed Craig McCallum as country manager in the
Netherlands to both manage our existing Greater Markham Area operations and
co-ordinate the building of our business in the Dutch sector of the North Sea.
Together with the recent success on Ensign we have made a strong start to 2008.
We look forward to an exciting new chapter in the growth of Venture's southern
North Sea gas business particularly at a time when the outlook for UK and
European gas prices is very positive."

Contact

Mike Wagstaff, Chief Executive
Rod Begbie, Corporate Development Director        01224 619 000

Patrick Handley, Brunswick                        0207 404 5959
John MacDonald, Weber Shandwick (Scottish Press)  01224 806 600


Notes to Editors

Chiswick

* 190 Bcf (2P) gas field located in UKCS blocks 49/4a and 49/4b
* Discovered in 1984 (49/4-1 well) and appraised by three further wells
* Acquired by Venture as part of the acquisition of CH4 Energy in August 2006
* FDP approval received in July 2006 to drill two initial development wells 
  targeting two fault blocks (Alpha and Gamma) (Phase 1) with up to three 
  further infill wells may be drilled into other fault blocks within the 
  reservoir (Phase 2)
* Minimum facilities platform tied-back to the Venture Production Nederland BV 
  operated Markham J6A platform with transportation via K13 extension and WGT 
  pipelines into the Den Helder gas terminal in The Netherlands
* Expected field life of between 8 and 13 years
* Working Interests: Venture (95% and operatorship), Wintershall (5%)
* First production well brought onstream in September 2007 (Chiswick Alpha)
* Gas sold at prices related to European spot market

Venture Production plc

* Venture Production plc is a FTSE 250 listed oil and gas producer based in 
  Aberdeen with offices in London and Hoofddorp in the Netherlands
* Market capitalisation c.�1 billion
* Interests in 41 oil and gas fields in both the UK and Dutch sectors of the 
  North Sea with 18 of those onstream producing around 50,000 boepd in aggregate
* Venture will announce its preliminary results for 2007 on 18th March 2008


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

END
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