VPC Venture Prod.

outstanding share options to give the number of share options with dilutive 
effect. 
 
 
+---------------------------------------------+--+------------+------------+ 
|                                             |  |       2008 |       2007 | 
+---------------------------------------------+--+------------+------------+ 
| Profit attributable to equity holders of    |  |     76,656 |     48,175 | 
| the Company (GBP'000)                       |  |            |            | 
+---------------------------------------------+--+------------+------------+ 
| Interest expense and unwinding of discount  |  |      6,694 |      2,616 | 
| on convertible debt (net of tax) (GBP'000)  |  |            |            | 
+---------------------------------------------+--+------------+------------+ 
| Profit used to determine diluted earnings   |  |     83,350 |     50,791 | 
| per share (GBP'000)                         |  |            |            | 
+---------------------------------------------+--+------------+------------+ 
| Weighted average number of ordinary shares  |  |    145,568 |    135,479 | 
| in issue (thousands)                        |  |            |            | 
+---------------------------------------------+--+------------+------------+ 
|                       Adjustments for:      |  |     19,399 |     12,994 | 
|                       -assumed conversion   |  |         76 |      1,181 | 
|                       of convertible debt   |  |            |            | 
|                       (thousands)           |  |            |            | 
|                       -share options        |  |            |            | 
|                       (thousands)           |  |            |            | 
+---------------------------------------------+--+------------+------------+ 
| Weighted average number of ordinary shares  |  |    165,043 |    149,654 | 
| for diluted earnings per share (thousands)  |  |            |            | 
+---------------------------------------------+--+------------+------------+ 
| -Diluted earnings per share (pence per      |  |       50.5 |       33.9 | 
| share)                                      |  |            |            | 
+---------------------------------------------+--+------------+------------+ 
 
 
8.    Dividends 
 
 
During the year, the Company paid an ordinary dividend of GBP0.12 per share, 
amounting to GBP17,201,000. This was approved at the Company's AGM on 14 May 
2008. 
 
 
In 2007, dividends paid relate to an ordinary dividend of GBP0.10 per share and 
a special dividend of GBP0.40 per share that were approved at the Company's AGM 
on 6 June 2007. A total dividend of GBP67,566,000 was paid on 24 July 2007. 
 
 
A dividend of GBP0.13 per share has been proposed for approval at the Company's 
AGM on 14 May 2009. 
 
 
9.    Profit for the Financial Year 
 
 
As permitted by section 230 of the Companies Act 1985, the Company's income 
statement has not been included in these financial statements. The Company's 
profit after tax for the financial year was GBP33,060,000 (2007: profit - 
GBP105,527,000), and included GBP67,112,000 of dividends received from 
subsidiary undertakings (2007: GBP110,000,000). 
 
 
10.    Property, Plant and Equipment 
 
 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Group           | Exploration |             | Buildings |    Office |     Total | 
|                 |      assets | Development |           | equipment |           | 
|                 |             | & producing |           |           |           | 
|                 |             |      assets |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
|                 |     GBP'000 |     GBP'000 |   GBP'000 |   GBP'000 |   GBP'000 | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
|                 |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Cost            |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| At 1 January    |      27,005 |   1,079,429 |       373 |     2,738 | 1,109,545 | 
| 2008            |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Additions       |      28,177 |     289,422 |       176 |     1,939 |   319,714 | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Acquisitions    |           - |       1,074 |         - |         - |     1,074 | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Transfers to    |    (13,354) |      13,354 |         - |         - |         - | 
| development &   |             |             |           |           |           | 
| producing       |             |             |           |           |           | 
| assets          |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Costs written   |           - |           - |         - |         - |         - | 
| off             |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Disposals       |           - |     (3,010) |         - |         - |   (3,010) | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| At 31 December  |      41,828 |   1,380,269 |       549 |     4,677 | 1,427,323 | 
| 2008            |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Depreciation    |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| At 1 January    |           - |     288,612 |        99 |     2,186 |   290,897 | 
| 2008            |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Impairment of   |           - |       6,200 |         - |         - |     6,200 | 
| assets          |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Charge for the  |           - |     105,692 |        21 |       252 |   105,965 | 
| year            |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Disposals       |           - |           - |         - |         - |         - | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| At 31 December  |           - |     400,504 |       120 |     2,438 |   403,062 | 
| 2008            |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Net book amount |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| at 31 December  |      41,828 |     979,765 |       429 |     2,239 | 1,024,261 | 
| 2008            |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
 
 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Group           | Exploration | Development | Buildings |    Office |     Total | 
|                 |      assets | & producing |           | equipment |           | 
|                 |             |      assets |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
|                 |     GBP'000 |     GBP'000 |   GBP'000 |   GBP'000 |   GBP'000 | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
|                 |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Cost            |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| At 1 January    |       7,998 |     830,769 |       373 |     2,250 |   841,390 | 
| 2007            |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Additions       |      38,829 |     216,294 |         - |       488 |   255,611 | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Acquisitions    |      10,420 |      37,524 |         - |         - |    47,944 | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Transfers to    |    (12,098) |      12,098 |         - |         - |         - | 
| development &   |             |             |           |           |           | 
| producing       |             |             |           |           |           | 
| assets          |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Costs written   |    (18,144) |    (11,207) |         - |         - |  (29,351) | 
| off             |             |             |           |           |           | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 
| Disposals       |           - |     (6,049) |         - |         - |   (6,049) | 
+-----------------+-------------+-------------+-----------+-----------+-----------+ 

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