VPC Venture Prod.

| At 31 December  |      27,005 |   1,079,429 |       373 |     2,738 | 1,109,545 | 
| 2007            |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Depreciation    |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| At 1 January    |           - |     174,869 |        80 |     1,807 |   176,756 | 
| 2007            |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Impairment of   |           - |      33,463 |         - |         - |    33,463 | 
| assets          |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Charge for the  |           - |      82,065 |        19 |       379 |    82,463 | 
| year            |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Disposals       |           - |     (1,785) |         - |         - |   (1,785) | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| At 31 December  |           - |     288,612 |        99 |     2,186 |   290,897 | 
| 2007            |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Net book amount |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| at 31 December  |      27,005 |     790,817 |       274 |       552 |   818,648 | 
| 2007            |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
 
 
Included in property, plant and equipment at 31 December 2008 is an amount of 
GBP385,059,000 (2007: GBP257,723,000) relating to expenditure for assets under 
construction. 
 
 
The key assets under construction at the end of the period were Ensign, Cygnus, 
Amanda-Agatha, Eris and Ceres. 
 
Additions within producing assets include capitalised interest of GBP16,540,000 
(2007: GBP9,955,000). Interest for the year has been charged at a weighted 
average of 5.13% (2007: 6.16%) on that proportion of Group loan balances drawn 
down to finance assets during their development phase. 
 
 
+-------------------------------+----------+-----------+-----------+---------+ 
| Company                       |          | Buildings |    Office |   Total | 
|                               |          |           | equipment |         | 
+-------------------------------+----------+-----------+-----------+---------+ 
|                               |          |   GBP'000 |   GBP'000 | GBP'000 | 
+-------------------------------+----------+-----------+-----------+---------+ 
| Cost                          |          |           |           |         | 
+-------------------------------+----------+-----------+-----------+---------+ 
| At 1 January 2008             |          |       373 |     2,310 |   2,683 | 
+-------------------------------+----------+-----------+-----------+---------+ 
| Additions                     |          |         - |         - |       - | 
+-------------------------------+----------+-----------+-----------+---------+ 
| At 31 December 2008           |          |       373 |     2,310 |   2,683 | 
+-------------------------------+----------+-----------+-----------+---------+ 
| Depreciation                  |          |           |           |         | 
+-------------------------------+----------+-----------+-----------+---------+ 
| At 1 January 2008             |          |        99 |     2,127 |   2,226 | 
+-------------------------------+----------+-----------+-----------+---------+ 
| Charge for the year           |          |        18 |        67 |      85 | 
+-------------------------------+----------+-----------+-----------+---------+ 
| At 31 December 2008           |          |       117 |     2,194 |   2,311 | 
+-------------------------------+----------+-----------+-----------+---------+ 
| Net book amount               |          |           |           |         | 
+-------------------------------+----------+-----------+-----------+---------+ 
| at 31 December 2008           |          |       256 |       116 |     372 | 
+-------------------------------+----------+-----------+-----------+---------+ 
 
 
+-------------------------------+----------+-----------+-----------+---------+ 
| Company                       |          | Buildings |    Office |   Total | 
|                               |          |           | equipment |         | 
+-------------------------------+----------+-----------+-----------+---------+ 
|                               |          |   GBP'000 |   GBP'000 | GBP'000 | 
+-------------------------------+----------+-----------+-----------+---------+ 
| Cost                          |          |           |           |         | 
+-------------------------------+----------+-----------+-----------+---------+ 
| At 1 January 2007             |          |       373 |     2,250 |   2,623 | 
+-------------------------------+----------+-----------+-----------+---------+ 
| Additions                     |          |         - |        60 |      60 | 
+-------------------------------+----------+-----------+-----------+---------+ 
| At 31 December 2007           |          |       373 |     2,310 |   2,683 | 
+-------------------------------+----------+-----------+-----------+---------+ 
| Depreciation                  |          |           |           |         | 
+-------------------------------+----------+-----------+-----------+---------+ 
| At 1 January 2007             |          |        80 |     1,807 |   1,887 | 
+-------------------------------+----------+-----------+-----------+---------+ 
| Charge for the year           |          |        19 |       320 |     339 | 
+-------------------------------+----------+-----------+-----------+---------+ 
| At 31 December 2007           |          |        99 |     2,127 |   2,226 | 
+-------------------------------+----------+-----------+-----------+---------+ 
| Net book amount               |          |           |           |         | 
+-------------------------------+----------+-----------+-----------+---------+ 
| at 31 December 2007           |          |       274 |       183 |     457 | 
+-------------------------------+----------+-----------+-----------+---------+ 
|                               |          |           |           |         | 
+-------------------------------+----------+-----------+-----------+---------+ 
11.    Intangible Assets 
 
 
+--------------------------------+----------+----------+----------+----------+ 
|                                |        Group        |      Company        | 
+--------------------------------+---------------------+---------------------+ 
|                                |     2008 |     2007 |     2008 |    2007  | 
+--------------------------------+----------+----------+----------+----------+ 
| Goodwill                       |  GBP'000 |  GBP'000 |  GBP'000 |  GBP'000 | 
+--------------------------------+----------+----------+----------+----------+ 
| Cost                           |          |          |          |          | 
+--------------------------------+----------+----------+----------+----------+ 
| At 1 January                   |   53,291 |   47,945 |        - |        - | 
+--------------------------------+----------+----------+----------+----------+ 
| Additions                      |        - |    5,346 |        - |        - | 
+--------------------------------+----------+----------+----------+----------+ 
| At 31 December                 |   53,291 |   53,291 |        - |        - | 
+--------------------------------+----------+----------+----------+----------+ 
 
 
+--------------------------------+----------+----------+----------+----------+ 
| Aggregate impairment           |          |          |          |          | 
+--------------------------------+----------+----------+----------+----------+ 
| At 1 January                   |        - |        - |        - |        - | 
+--------------------------------+----------+----------+----------+----------+ 
| Impairment for the year        |        - |        - |        - |        - | 
+--------------------------------+----------+----------+----------+----------+ 
| At 31 December                 |        - |        - |        - |        - | 
+--------------------------------+----------+----------+----------+----------+ 
 
 
+--------------------------------+----------+----------+----------+----------+ 
| Net carrying amount            |          |          |          |          | 
+--------------------------------+----------+----------+----------+----------+ 
| at 31 December                 |   53,291 |   53,291 |        - |        - | 
+--------------------------------+----------+----------+----------+----------+ 
 
 
The Group tests goodwill annually for impairment, or more frequently, if there 
are any indications that goodwill may be impaired. Goodwill acquired through 
business combinations is allocated, at acquisition, to CGUs that are expected to 
benefit from that business combination. 
 
 
Goodwill mainly relates to the acquisition of CH4 in 2006 (GBP46,637,000). 
Impairment tests for CH4 are carried out based on future cash flows of the GMA 
CGU. 
 
 
The recoverable amounts of the CGUs are determined from value in use 
calculations. These calculations are based on the life of field models for the 
CGU. The key assumptions for the value in use calculations are those regarding 
future production, oil and gas prices, capital expenditure and operating costs. 
The pre-tax discount rate used for the calculation was 16% (2007: 8% post tax). 
 
 
12.    Investments 
 
 
Associates 

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