RNS Number : 4383U
  Venture Production PLC
  14 May 2008
   

    14 May 2008

    Venture Production plc

    Interim Management Statement and AGM

    In accordance with the UK Listing Authority's Disclosure and Transparency Rules, Venture Production plc is today publishing its first
Interim Management Statement in respect of the period from 1 January 2008 to 14 May 2008. Venture will also be holding its Annual General
Meeting today in Aberdeen.   Venture's Chief Executive, Mike Wagstaff, will include the following statement, which also addresses current
trading, in his remarks to the meeting.

    During the first four months of 2008 we have made strong operational progress.  Group average production was in excess of 45,500 boepd,
despite the impact of the recent shut-down of the Forties Pipeline System. It has also been an active period of field development activity. 
During 2008 and 2009, Venture anticipates bringing a total of eight new projects on stream which are expected to boost net production
significantly from today's levels.   Highlights from the first four months of the year include the second Chiswick production well, Chiswick
Gamma, being successfully brought on stream in late February, the successful results of the Ensign appraisal well and the sanctioning of the
Stamford and Grouse developments.  We continue to progress hook-up and commissioning activities on the Chestnut field which, as previously
announced, is expected to deliver first oil during the third quarter.  We are currently drilling the reservoir section in our southern North
Sea Barbarossa appraisal well, having taken the decision to proceed with the planned sidetrack following positive results from the initial pilot hole.

    High commodity prices for both oil and gas, combined with costs in line with expectations and solid operating performance, are
continuing to drive strong financial performance. Venture's balance sheet remains strong and there has been no significant change to the
financial position of the Company since the publication of the Report and Accounts in respect of the year ended 31 December 2007.

    The start of 2008 has also been one of the busiest in terms of business development activities in Venture's history.  This year we have
already announced seven new transactions in which we have acquired interests in 10 discovered fields and 4 exploration prospects.  These
provide us with additional development, appraisal and exploration inventory which is expected to deliver material additional production from
2010 onwards.  We continue to see further scope for consolidation in the North Sea and are actively pursuing these opportunities.

    In summary, as a result of the strong operational performance of the business combined with high commodity prices and increased business
development activity, the Board remains confident in the outlook for Venture's business in 2008 and beyond.


    Contact

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


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




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