Venture Production PLC (VPC.LN) Wednesday posted a 1.1% fall in net profit for the first half as a big rise in output from new fields offset lower energy prices.

The company, which is subject to a hostile takeover bid from U.K. utility Centrica PLC (CNA.LN), emphasized the strong field development program and financial strength that it says will allow it to continue to thrive as an independent company.

The U.K.-based oil and gas producer said net profit for the six months ended June 30 totaled GBP54.1 million, compared with GBP54.7 million for first half of 2008.

Total oil and gas production averaged 52,988 barrels a day in the first half, a rise of 16.4% from the first half of 2008.

Total revenue for the first half was up 14.2% to GBP274.7 million from GBP240.5 million in the same period of 2008.

Diluted earnings per share were 35.0 pence compared with 35.2 pence in same period a year earlier.

Venture shares closed at 845 pence Tuesday, the same level as Centrica's bid for the company.

Company Web site: http://www.vpc.co.uk

-By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317; james.herron@dowjones.com
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