RNS Number : 7436J
  Venture Production plc
  08 December 2008
   
    CORRECTION: The following announcement only corrects the vessel storage capacity figures in the third paragraph, which were incorrect in
the original announcement released on 3 December 2008.

    8 December 2008

    VENTURE PRODUCTION plc and FAIRFIELD ENERGY Ltd

    Venture Production and Fairfield Energy Award Schlumberger a Multiyear
    Fracturing and Stimulation Contract


    UK independent oil and gas production companies Venture Production plc ("Venture") and Fairfield Energy Limited ("Fairfield"), today
announce that they have each entered into a multiyear contract with Schlumberger for the provision of well fracture and stimulation services
from the state of the art dedicated dynamically positioned ("DP2") vessel the Siem Sailor. Venture and Fairfield have co-operated fully in
negotiations to secure the vessel.

    The vessel will be based in the North Sea and when not assigned to Venture or Fairfield's projects, will be made available to other
operators for work in the UK, Dutch and Norwegian sectors.

    The vessel has storage capacity for 800,000 lbs of proppant, 315,000 gallons of fresh water, 5,000 gallons of liquid gel and a maximum
pump pressure rating of 12,000 psi. In addition, the vessel has 13,550 hydraulic horse power ("HHP") capacity, station keeping capability
and the ability to perform emergency disconnection from the well if required.

    The vessel is expected to enter service for Venture and Fairfield during the fourth quarter of 2009. The first Venture project under the
new agreement is expected to be the Phase 2 development of the Chiswick gas field in the Southern North Sea whilst Fairfield plans to use
the vessel for its Crawford and Clipper South developments in 2010.

    Venture Chief Executive Mike Wagstaff commented:

    "After our success with Schlumberger and Siem during 2007 developing a temporary solution to stimulate the Chiswick development and
Ensign appraisal wells, I am delighted that we have been able to create a long term partnership to enable us to develop our significant
portfolio of 'tight' gas. This is consistent with our history of utilising innovative technology and commercial arrangements to unlock
'stranded' reserves."

    Fairfield Chief Executive Mark McAllister said:

    "Fracturing and stimulation technology will play an expanding role in the future of the UK North Sea. By working together to secure
access to this technology Fairfield and Venture have demonstrated that independents can create material opportunities through co-operation
which will ultimately improve recovery of reserves and business performance."


    ENDS
      
    Contacts

    Venture Production plc

    Mike Wagstaff, Chief Executive
    Jon Murphy, Chief Operating Officer                                     01224 619 000

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

    Fairfield Energy Ltd

    Mark McAllister, Chief Executive                                         01224 372777

    Notes for Editors:

    *     Hydraulic fracturing is a process where a viscous fluid (gel) is mixed with sand and pumped at high pressure down an oil and gas
well in order to increase production rates and recovered volumes of oil or gas from a reservoir that otherwise would not produce at economic
rates.

    *     This technology has been widely applied around the world and over the last four years. Venture has successfully hydraulically
fractured wells in its Annabel, Chiswick and Ensign gas fields.

    *     Technologies such as hydraulically fracturing will be increasingly important in unlocking the remaining reserves from the North
Sea.


    







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