VPC Venture Prod.

    Wednesday 30th October 2002

                            VENTURE PRODUCTION plc                             

                   ("Venture", "the Company" or "the Group")                   

Venture Announces Successful Restructuring of Ann/Alison Gas Sales Arrangements

Venture Production plc, the Aberdeen based UK independent oil and gas
production company, today announces that it has signed an agreement to
restructure the sales arrangements with the buyers of gas from the Ann/Alison
gas fields. This will result in the termination of the current `life of field'
gas sales contract with immediate effect. In addition, on behalf of itself and
its partner in Ann/Alison, Venture has entered into transitional sales
arrangements with its current buyers covering sales of gas production over the
2002/3 Winter commencing October 2002.

The Ann/Alison partners will deliver a fixed volume of gas averaging 15.5
MMcfpd gross (Venture net interest: 85%) over the period October 2002 to May
2003 at prices related to the spot market. Beyond this period Venture will be
free to sell its Ann/Alison gas into the open market.

Commenting on the agreement, Bruce Dingwall, Venture's Chief Executive said,
"We are delighted to reach agreement with our gas buyers over restructuring the
gas sales arrangements for Ann/Alison. We believe that this agreement
represents a `win-win' solution for both sides. These new arrangements will
reduce the uncertainty in predicting future production volumes from these
fields and give us the flexibility to both manage the fields more effectively
and to make future investment in developing them further. The new sales
arrangements will enable Venture to produce greater volumes of gas from the
Anne and Alison fields sooner than would be the case under the previous
contractual arrangements. As a consequence of these new gas sales arrangements
and if the A-Fields drilling campaign is successful, we expect the contribution
from our southern North Sea gas assets to become a very significant proportion
of our business within 12-18 months."

Contact:

Venture Production plc 01224 619 000

Bruce Dingwall, Chief Executive

Mike Wagstaff, Finance Director

Brunswick Group Limited 020 7404 5959

Patrick Handley

Eilis Murphy

Notes to Editors:

1. Venture's position in the southern North Sea was acquired through four
acquisitions over the period 2000-2002. Venture is the operator for, and has an
85% interest in, the Ann and Alison fields. Its partner in these fields is
Roots Gas, a subsidiary of Aberdeen-based First Oil.

2. Gas from Ann/Alison is currently sold to a consortium of three buyers -
Statoil, BP and Conoco.



END

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