Venture Production PLC (VPC.LN), the Aberdeen headquartered U.K. independent oil and gas production company, said Wednesday it welcomes the U.K. Takeover Panel Executive deadline of 1600 GMT on July 13 July for Centrica PLC (CNA.LN) to make a bid or withdraw, adding that average production for the first five months rose 17% to 53,400 barrels of oil equivalent a day.

MAIN FACTS:

-Prior to Venture's request that the Takeover Panel Executive impose a "put up or shut up" deadline, the Chairman and Chief Executive of Venture met with their respective counterparts at Centrica at which no firm offer was forthcoming.

-Since the start of the offer period on March 18, Venture has made substantial progress in delivering upon its stated strategy including: successful appraisal of the Cygnus gas field; successful exploration well on Carna; tie-in of the second Chestnut production well; and successful Kew appraisal well.

-The Venture Production board believes the current strategy and proven track record of management will result in the continued delivery of growth.

-The Board of Venture therefore believes the Company has an excellent future as an independent company and therefore welcomes the Panel's ruling.

-By London Bureau, Dow Jones Newswires; +44 (0)20 7842 9296; ian.walker@dowjones.com
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