TIDMVPC 
 
RNS Number : 1026P 
Venture Production plc 
19 March 2009 
 

19 March 2009 
 
 
VENTURE PRODUCTION plc 
 
 
Second Successful Chestnut Production Well 
 
 
Venture Production plc (Venture), the Aberdeen based UK independent oil and gas 
company, announces successful tie-in of a second production well in the Chestnut 
field. Venture is the field operator and holds a 69.875% working interest in the 
part of block 22/2a containing the Chestnut field. 
 
 
The Chestnut field came on stream in mid-September 2008 with one initial 
production well tied-in to the Hummingbird FPSO. A second Chestnut production 
well was sanctioned in May 2008, spudded in September and successfully tested in 
November. This additional well has now been connected to the subsea 
infrastructure and has increased production from the field to just less than 
12,000 barrels of oil equivalent per day (boepd), net to Venture. In addition, 
as a result of strong well performance and updated reservoir modelling the 
expected overall recovery from the field has increased by between two and five 
million barrels of oil equivalent (MMboe), net to Venture. 
 
 
Investment in this second production well was sanctioned in May 2008 which means 
the well has been drilled and brought on stream in less than 10 months. 
 
 
Commenting on the news, Mike Wagstaff, Chief Executive said: 
 
 
"Chestnut was already delivering at the upper end of our expectations and 
successfully adding this second well has confirmed the field as an important 
contributor to our overall production. We have sanctioned, drilled and brought 
this second well on stream in less than ten months which is a reflection of our 
sub-surface team's innovative use of leading edge seismic techniques to identify 
further infill well opportunities. The robust field performance and additional 
reserves we have proved up validates our decision to develop Chestnut using the 
Hummingbird FPSO, the first deployment of a cylindrical FPSO in the UK offshore 
sector." 
 
 
ENDS 
Contact: 
Mike Wagstaff, Chief Executive 
Jon Murphy, Chief Operating Officer     01224 619000 
 
 
Patrick Handley, Brunswick                                         0207 404 5959 
John MacDonald (Scottish press)          0777 088 6912 
 
 
 
 
Notes to Editors: 
Chestnut Field 
·    The Chestnut field is one of the oldest undeveloped oil fields in the North 
Sea having been discovered in 1986 
·    Chestnut lies approximately 180km east of Aberdeen in a water depth of 120m 
and is 13km south east of the Alba oil field 
·    The Chestnut field partners are: 
o Venture Production plc (operator) - 69.875% 
o Bow Valley Petroleum (UK) Limited - 15.125% 
o Atlantic Petroleum UK Limited - 15.000% 
·    Venture acquired an initial 5.0% interest in Chestnut in 2001 and increased 
its stake to 69.875% through further acquisitions in 2002 and 2003 
·    FDP approval for Chestnut was obtained in late 2005 for a single production 
well development with water injector support 
·    The water injector well (22/2a-12) was drilled by Venture in mid-2006 and 
showed good pressure communication with the original production well 
·    First oil from Chestnut was achieved on 20 September 2008 
·    Venture was awarded the licence covering the adjacent block 22/1a in the UK 
25th Licensing Round 
 
Sevan Hummingbird 
·   The Hummingbird floating platform is a Sevan 300 FPSO with an oil storage 
capacityof 270,000 barrels 
·     The unit can carry up to three risers and umbilicals and will haveoil 
processing capacity of 30,000 boepd and a water injectioncapacity of 20,000 
barrels of water per day 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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