RNS Number:4984Z
Venture Production PLC
08 June 2004


8 June, 2004

                             VENTURE PRODUCTION plc
                   ("Venture", "the Company" or "the Group")

     Venture Finalises Increased Equity Interest in the Saturn Development

Venture Production plc ("Venture"), the Aberdeen based UK independent oil and
gas production company, today announces that Heads of Agreement have been signed
on the unitisation of the Saturn gas development. This field comprises the newly
drilled Atlas structure in addition to the neighbouring Hyperion and Rhea
structures. Although chiefly located in Block 48/10b, Saturn extends into Block
48/10a, in which Venture currently holds an 88.89% equity interest. Furthermore,
under the unitisation agreement, Block 48/10a holds a 22% equity interest in
Saturn. As a result, Venture's working interest in the total unitised Saturn
development will be 19.56%.

It is planned that Saturn will be developed via a six slot normally unmanned
platform operated by ConocoPhillips and tied directly into the LOGGS gathering
and export pipeline system, which terminates onshore at Theddlethorpe. First gas
is anticipated during Q4 2005 from a phased drilling programme that is expected
to result in a peak production rate of 170 million standard cubic feet per day
("MMscfpd") during 2006. A Field Development Plan ("FDP") has been submitted by
the field partners and is currently under consideration by the DTI.

ConocoPhillips completed drilling of the successful 48/10b-13 appraisal well on
the Atlas structure in early 2004, which supported the acceleration of the
Saturn development. It also confirmed the proposed plan to have two production
wells in the Atlas structure and one in the Hyperion structure. Current
estimates of gross Proved and Probable reserves for Atlas and Hyperion combined
are over 240 Bcf. The Rhea structure, formerly known as "P1A", is currently
undrilled and, although it does not feature in the initial development plan, it
represents material upside potential.

Commenting on the news, Bruce Dingwall, Chief Executive said:

"Confirmation of a significant stake in the Saturn development further expands
our existing 'A' Fields gas business and we are pleased to be working in
partnership with ConocoPhillips, an extremely experienced SNS operator, on this
exciting development project. The short term development of the Saturn and
Annabel fields represents one of the largest pools of undeveloped gas in the
southern North Sea at a time of an increasingly attractive UK gas market for
producers."

                                      ENDS


Contact:

Bruce Dingwall, Chief Executive 01224 619000
Patrick Handley, Brunswick 020 7404 5959

Notes to Editors:

   * Partners in the Saturn development are ConocoPhillips (U.K.) Limited
     (operator), RWE DEA UK Development Limited, Venture Production (North Sea
     Developments) Limited and ENI Limited.

   * Venture entered the southern North Sea ("SNS") in 2001 through the
     acquisition of interests in the Audrey, Ann and Alison gas fields.

   * Venture has built its SNS business through seven acquisitions, four
     major commercial transactions and participation in four wells over the
     period 2001-2003.

   * Venture is the operator and 100% owner of Audrey, Ann, Alison and Amanda
     and operator and 88.89% owner of Annabel.

   * As a result Venture now has interests in seven SNS gas fields:
     -  three in production (Audrey, Ann, Alison)
     -  four near term developments on stream in 2005/6 (Annabel, Saturn,
        Mimas and Amanda)
     -  at the end of 2003, total net proved and probable reserves amounted to
        224 Bcf
     -  this existing gas portfolio has the potential to deliver approximately
        200mmscfpd over the next several years.


                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
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