VPC Venture Prod.

  that relate to assets 

  that take a substantial period of time to get ready for use. 
 
 
 
Other standards, amendments and interpretations were considered but specifically 
excluded as they were not expected to impact the Group. 
 
 
2.    Segmental Reporting 
 
 
Primary Segment - Business Segments 
 
 
Oil Business Segment 
 
 
The oil segment consists of all activities connected with the Group's oil 
assets, currently the Trees, Other oil and GKA hubs. 
 
 
Gas Business Segment 
 
 
The gas segment consists of all activities connected with the Group's gas 
assets, currently the Gas UK and GMA hubs. 
 
 
Segment Results 
 
 
+--------------------------+------------+------------+--------------+------------+ 
|                          |        Oil |        Gas |  Unallocated |      Total | 
|                          |    GBP'000 |    GBP'000 |    Corporate |    GBP'000 | 
|                          |            |            |      GBP'000 |            | 
+--------------------------+------------+------------+--------------+------------+ 
| For the year ended       |            |            |              |            | 
| 31 December 2008         |            |            |              |            | 
+--------------------------+------------+------------+--------------+------------+ 
| Revenues                 |    192,921 |    301,957 |            - |    494,878 | 
+--------------------------+------------+------------+--------------+------------+ 
| Impairment of assets     |    (6,200) |          - |            - |    (6,200) | 
+--------------------------+------------+------------+--------------+------------+ 
| Other expenses           |  (123,576) |  (125,948) |      (8,080) |  (257,604) | 
+--------------------------+------------+------------+--------------+------------+ 
| Operating profit/(loss)  |     63,145 |    176,009 |      (8,080) |    231,074 | 
+--------------------------+------------+------------+--------------+------------+ 
|                          |            |            |              |            | 
+--------------------------+------------+------------+--------------+------------+ 
| For the year ended       |            |            |              |            | 
| 31 December 2007         |            |            |              |            | 
+--------------------------+------------+------------+--------------+------------+ 
| Revenues                 |    172,760 |    185,535 |            - |    358,295 | 
+--------------------------+------------+------------+--------------+------------+ 
| Exploration costs        |   (18,144) |          - |            - |   (18,144) | 
| written off              |            |            |              |            | 
+--------------------------+------------+------------+--------------+------------+ 
| Development costs        |          - |   (11,207) |            - |   (11,207) | 
| written off              |            |            |              |            | 
+--------------------------+------------+------------+--------------+------------+ 
| Impairment of assets     |   (33,463) |          - |            - |   (33,463) | 
+--------------------------+------------+------------+--------------+------------+ 
| Other expenses           |   (69,832) |  (100,728) |      (8,282) |  (178,842) | 
+--------------------------+------------+------------+--------------+------------+ 
| Operating profit/(loss)  |     51,321 |     73,600 |      (8,282) |    116,639 | 
+--------------------------+------------+------------+--------------+------------+ 
 
 
Segment Assets and Liabilities 
 
 
+--------------------------+------------+------------+--------------+-------------+ 
|                          |        Oil |        Gas |  Unallocated |       Total | 
|                          |    GBP'000 |    GBP'000 |    Corporate |     GBP'000 | 
|                          |            |            |      GBP'000 |             | 
+--------------------------+------------+------------+--------------+-------------+ 
| At 31 December 2008      |            |            |              |             | 
+--------------------------+------------+------------+--------------+-------------+ 
| Segment assets           |    399,247 |    845,303 |      254,446 |   1,498,996 | 
+--------------------------+------------+------------+--------------+-------------+ 
| Segment liabilities      |   (74,066) |  (173,322) |    (827,090) | (1,074,478) | 
+--------------------------+------------+------------+--------------+-------------+ 
| Net assets/(liabilities) |    325,181 |    671,981 |    (572,644) |     424,518 | 
+--------------------------+------------+------------+--------------+-------------+ 
| At 31 December 2007      |            |            |              |             | 
+--------------------------+------------+------------+--------------+-------------+ 
| Segment assets           |    249,138 |    731,016 |      181,497 |   1,161,651 | 
+--------------------------+------------+------------+--------------+-------------+ 
| Segment liabilities      |  (106,596) |  (131,272) |    (642,593) |   (880,461) | 
+--------------------------+------------+------------+--------------+-------------+ 
| Net assets/(liabilities) |    142,542 |    599,744 |    (461,096) |     281,190 | 
+--------------------------+------------+------------+--------------+-------------+ 
 
 
Segment assets and liabilities are presented before the elimination of 
inter-segment trading balances. 
 
 
Segment assets and liabilities are reconciled to Group assets and liabilities as 
follows: 
 
 
+--------------------------------------------------+-----------+---------------+ 
|                                                  |    Assets |   Liabilities | 
|                                                  |   GBP'000 |       GBP'000 | 
+--------------------------------------------------+-----------+---------------+ 
| Segment assets/(liabilities)                     | 1,244,550 |     (247,388) | 
+--------------------------------------------------+-----------+---------------+ 
| Unallocated:                                     |           |               | 
+--------------------------------------------------+-----------+---------------+ 
| Fixed assets                                     |     2,668 |               | 
+--------------------------------------------------+-----------+---------------+ 
| Cash at bank and in hand                         |   207,969 |               | 
+--------------------------------------------------+-----------+---------------+ 
| Investments                                      |    33,409 |               | 
+--------------------------------------------------+-----------+---------------+ 
| Convertible loan notes                           |     7,528 |               | 
+--------------------------------------------------+-----------+---------------+ 
| Current assets                                   |     2,872 |               | 
+--------------------------------------------------+-----------+---------------+ 
| Deferred income tax                              |           |     (343,924) | 
+--------------------------------------------------+-----------+---------------+ 
| Current liabilities                              |           |      (20,968) | 
+--------------------------------------------------+-----------+---------------+ 
| Non-current borrowings                           |           |     (456,445) | 
+--------------------------------------------------+-----------+---------------+ 
| Derivative financial instruments                 |           |       (5,753) | 
+--------------------------------------------------+-----------+---------------+ 
| Total                                            | 1,498,996 |   (1,074,478) | 
+--------------------------------------------------+-----------+---------------+ 
 
 
Other Segment Items 
 
 
+--------------------------+------------+------------+--------------+------------+ 
| 2008                     |        Oil |        Gas |  Unallocated |      Total | 
|                          |    GBP'000 |    GBP'000 |    Corporate |    GBP'000 | 
|                          |            |            |      GBP'000 |            | 
+--------------------------+------------+------------+--------------+------------+ 
| Movement in property     |            |            |              |            | 
| plant and equipment      |            |            |              |            | 
+--------------------------+------------+------------+--------------+------------+ 
| - Additions              |     73,714 |    243,885 |        2,115 |    319,714 | 
+--------------------------+------------+------------+--------------+------------+ 
| - Acquisitions           |          - |      1,074 |            - |      1,074 | 
+--------------------------+------------+------------+--------------+------------+ 
| - Disposals              |          - |    (3,010) |            - |    (3,010) | 
+--------------------------+------------+------------+--------------+------------+ 
| - Depreciation           |   (41,785) |   (63,907) |        (273) |  (105,965) | 
+--------------------------+------------+------------+--------------+------------+ 
| - Impairment of assets   |    (6,200) |          - |            - |    (6,200) | 
+--------------------------+------------+------------+--------------+------------+ 
|                          |     25,729 |    178,042 |        1,842 |    205,613 | 
+--------------------------+------------+------------+--------------+------------+ 
|                          |            |            |              |            | 
+--------------------------+------------+------------+--------------+------------+ 
| 2007                     |            |            |              |            | 
+--------------------------+------------+------------+--------------+------------+ 
| Movement in property,    |            |            |              |            | 
| plant and equipment      |            |            |              |            | 
+--------------------------+------------+------------+--------------+------------+ 

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