VPC Venture Prod.

+-----------------------------------+---------+---------+---------+----------+ 
| Convertible loan notes receivable |   7,528 |   5,383 |       - |        - | 
+-----------------------------------+---------+---------+---------+----------+ 
|                                   |   7,528 |   5,383 |  42,634 |  153,247 | 
+-----------------------------------+---------+---------+---------+----------+ 
 
 
The Company has confirmed that amounts due from subsidiary undertakings will not 
be repayable within one year. 
 
 
The convertible loan notes receivable of $10,000,000 were issued by Ten Degrees 
North Energy Limited (TDNEL) on 19 December 2005 as part consideration in 
respect of the disposal of Venture Production Trinidad Limited (VPTL). The notes 
are denominated in US dollars and are redeemable by TDNEL in $500,000 tranches 
in each year from 2010 to the final redemption date in 2014. TDNEL may redeem 
$5,000,000 of the notes at par value at any time in the first 24 months after 
issue. The notes accrue interest at rates of 2% in the period to 31 December 
2006, 3% from 1 January 2007 to 31 December 2009 and 9% from 1 January 2010 to 
the final redemption date. 
 
 
A conversion event is a sale or qualifying Initial Public Offering or private 
placement of TDNEL. Upon a conversion event and subject to the valuation of 
TDNEL meeting certain criteria at that time, the Company can convert up to 
$5,000,000 of the notes into ordinary share capital of TDNEL at a conversion 
price of $1,500 per share. The loan notes are carried at the year end at 
GBP7,528,000 using year end exchange rates. 
 
 
Trade and other receivables are made up of 99% (2007: 99%) of balances that are 
not overdue as the payment terms established with the Group's customers have not 
been exceeded. The remaining overdue balance is not considered to be impaired. 
 
 
Included within trade and other receivables are balances due from the following 
related parties, none of which were overdue: 
 
 
+----------------------------------+----------+---------+----------+---------+ 
|                                  |       Group        |      Company       | 
+----------------------------------+--------------------+--------------------+ 
|                                  |     2008 |    2007 |     2008 |    2007 | 
|                                  |  GBP'000 | GBP'000 |  GBP'000 | GBP'000 | 
+----------------------------------+----------+---------+----------+---------+ 
| NSIP (Holdings) Limited          |       55 |       - |        - |       - | 
+----------------------------------+----------+---------+----------+---------+ 
| NSIP (GKA) Limited               |        - |   3,498 |        - |       - | 
+----------------------------------+----------+---------+----------+---------+ 
|                                  |       55 |   3,498 |        - |       - | 
+----------------------------------+----------+---------+----------+---------+ 
 
 
Trade receivables and other receivables include amounts denominated in the 
following major currencies: 
 
 
+----------------------------------+----------+---------+----------+---------+ 
|                                  |       Group        |      Company       | 
+----------------------------------+--------------------+--------------------+ 
|                                  |     2008 |    2007 |     2008 |    2007 | 
|                                  |  GBP'000 | GBP'000 |  GBP'000 | GBP'000 | 
+----------------------------------+----------+---------+----------+---------+ 
| USD                              |   10,127 |  31,844 |    2,052 |       - | 
+----------------------------------+----------+---------+----------+---------+ 
| GBP                              |   77,687 |  59,896 |    8,749 |     346 | 
+----------------------------------+----------+---------+----------+---------+ 
| Euro                             |   31,102 |  15,584 |        - |       - | 
+----------------------------------+----------+---------+----------+---------+ 
| Total trade and other            |  118,916 | 107,324 |   10,801 |     346 | 
| receivables                      |          |         |          |         | 
+----------------------------------+----------+---------+----------+---------+ 
 
 
The maximum exposure to credit risk at the reporting date is the fair value of 
each class of receivable mentioned above. The Group does not hold any collateral 
as security. 
 
 
16.    Cash and Cash Equivalents 
 
 
+----------------------------------+----------+---------+----------+---------+ 
|                                  |       Group        |       Company      | 
+----------------------------------+--------------------+--------------------+ 
|                                  |     2008 |    2007 |     2008 |    2007 | 
+----------------------------------+----------+---------+----------+---------+ 
|                                  |  GBP'000 | GBP'000 |  GBP'000 | GBP'000 | 
+----------------------------------+----------+---------+----------+---------+ 
| Cash in hand and at bank         |        - |   3,825 |        - |       - | 
+----------------------------------+----------+---------+----------+---------+ 
| Short term deposits              |   24,704 | 154,620 |   24,704 | 154,620 | 
+----------------------------------+----------+---------+----------+---------+ 
| Liquidity funds                  |  183,265 |       - |  183,265 |       - | 
+----------------------------------+----------+---------+----------+---------+ 
|                                  |  207,969 | 158,445 |  207,969 | 154,620 | 
+----------------------------------+----------+---------+----------+---------+ 
 
 
16.    Cash and Cash Equivalents (continued) 
 
 
For the purposes of the cash flow statements, cash and cash equivalents comprise 
the following at 31 December: 
 
 
+----------------------------------+----------+---------+----------+----------+ 
|                                  |       Group        |        Company      | 
+----------------------------------+--------------------+---------------------+ 
|                                  |     2008 |    2007 |     2008 |     2007 | 
+----------------------------------+----------+---------+----------+----------+ 
|                                  |  GBP'000 | GBP'000 |  GBP'000 |  GBP'000 | 
+----------------------------------+----------+---------+----------+----------+ 
| (Bank overdraft)/Cash in hand    |  (9,017) |   3,825 | (21,276) | (50,486) | 
| and at bank                      |          |         |          |          | 
+----------------------------------+----------+---------+----------+----------+ 
| Short term deposits              |   24,704 | 154,620 |   24,704 |  154,620 | 
+----------------------------------+----------+---------+----------+----------+ 
| Liquidity funds                  |  183,265 |       - |  183,265 |        - | 
+----------------------------------+----------+---------+----------+----------+ 
|                                  |  198,952 | 158,445 |  186,693 |  104,134 | 
+----------------------------------+----------+---------+----------+----------+ 
 
 
17.    Trade and Other Payables 
 
 
+----------------------------------+----------+---------+----------+---------+ 
|                                  |       Group        |      Company       | 
+----------------------------------+--------------------+--------------------+ 
|                                  |     2008 |    2007 |     2008 |    2007 | 
+----------------------------------+----------+---------+----------+---------+ 
|                                  |  GBP'000 | GBP'000 |  GBP'000 | GBP'000 | 
+----------------------------------+----------+---------+----------+---------+ 
| Amounts falling due within one   |          |         |          |         | 
| year:                            |          |         |          |         | 
+----------------------------------+----------+---------+----------+---------+ 
| Trade payables                   |   48,623 |  16,779 |        - |     693 | 
+----------------------------------+----------+---------+----------+---------+ 
| Accruals and deferred income     |   91,747 |  69,497 |      174 |  10,441 | 
+----------------------------------+----------+---------+----------+---------+ 
| Other payables                   |   10,766 |  28,651 |    9,099 |   4,692 | 
+----------------------------------+----------+---------+----------+---------+ 
| Social security and other taxes  |      464 |     797 |        - |       2 | 
+----------------------------------+----------+---------+----------+---------+ 
| Deferred acquisition liability   |    1,350 |   3,100 |        - |       - | 
+----------------------------------+----------+---------+----------+---------+ 
|                                  |  152,950 | 118,824 |    9,273 |  15,828 | 
+----------------------------------+----------+---------+----------+---------+ 
 
 
18.    Financial Liabilities - Borrowings 
 
 
+----------------------------------+----------+---------+----------+---------+ 
|                                  |       Group        |      Company       | 
+----------------------------------+--------------------+--------------------+ 
|                                  |     2008 |    2007 |     2008 |    2007 | 
+----------------------------------+----------+---------+----------+---------+ 
|                                  |  GBP'000 | GBP'000 |  GBP'000 | GBP'000 | 
+----------------------------------+----------+---------+----------+---------+ 
| Non-Current                      |          |         |          |         | 
+----------------------------------+----------+---------+----------+---------+ 
| Convertible bond                 |  142,511 | 167,612 |  142,511 | 167,612 | 
+----------------------------------+----------+---------+----------+---------+ 
| USD and GBP loan notes           |  313,934 | 230,710 |  313,934 | 230,710 | 
+----------------------------------+----------+---------+----------+---------+ 
|                                  |  456,445 | 398,322 |  456,445 | 398,322 | 
+----------------------------------+----------+---------+----------+---------+ 

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