RNS Number:4967Q
Venture Production PLC
20 March 2008


20 March 2008


                             VENTURE PRODUCTION plc

                             East Irish Sea Farm-in

Venture Production plc ("Venture"), the Aberdeen headquartered UK independent
oil and gas production company, today announces that it has agreed to farm-in to
an exploration well on the 58 billion cubic feet ("Bcf") Whitbeck gas prospect
in Block 110/3b in the East Irish Sea.

The Whitbeck prospect is adjacent to the producing Bains field and north west of
the Marram discovery that Venture intends to appraise within the next two years.
It is located 12km north-east of the main South Morecambe platform which
provides a potential export route for discovered gas. The estimated geological
chance of success is 75% and is a well defined fault-block bound structure along
strike from Bains.

Block 110/3b was awarded to Reach Exploration in the 24th Licensing Round, the
first such round in the East Irish Sea since 1999. Venture has agreed to fund
100% of the cost of the exploration well in return for a 70% interest in the
block. Reach will hold the remaining 30% and Venture has also agreed to make a
payment with respect to historic costs incurred in evaluating the Whitbeck
prospect and two other leads on the same acreage.

If successful, Whitbeck would be expected to commence producing gas at a rate of
around 50 million cubic feet per day ("MMcfpd"), similar to that seen when Bains
was brought into production in 2002.


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

"This is the sixth deal we have announced so far in 2008 in what is already
proving to be a vibrant market for asset acquisitions. Whitbeck adds a low risk
prospect to our East Irish Sea position and we will look to add the exploration
well into the rig campaign that we are developing to encompass the Marram
appraisal well."

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:

Whitbeck (Block 110/3b)

   * Likely GIIP ranges from 48 to 96 Bcf
   * 80% recovery factor assumed, similar to Bains field analogue
   * Venture working interest : 70% post farm-in
   * Potential tie back to nearby export infrastructure in South Morecambe field


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

END
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