RNS Number:3421B
Venture Production PLC
29 July 2004

29 July 2004

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


              Venture Announces DTI Approval of Saturn Development

Venture Production plc ("Venture"), the Aberdeen based UK independent oil and
gas production company, today announces that the UK Department of Trade and
Industry ("DTI") has given its approval for the development of the Saturn gas
development in the Southern North Sea.

Upon legal completion of the recently announced acquisition of ENI UK Limited's
interest in Block 48/10a, Venture will hold a 22% unitised interest in Saturn.
First gas is anticipated during the fourth quarter of 2005 with an initial gross
rate of 74 million standard cubic feet per day ("MMscfpd"). This is expected to
rise to a maximum of 170 MMscfpd within a year following start up. Saturn is
being developed utilising a six slot normally unmanned platform operated by
ConocoPhillips and tied directly into the LOGGS gathering and export pipeline
system via a 43 km 14-inch pipeline.

The Saturn development comprises three gas accumulations with Hyperion and Atlas
being the first to be developed. Hyperion was discovered and appraised by
ConocoPhillips between 1986 and 1990 and Atlas was discovered the following
year. ConocoPhillips completed drilling of the successful 48/10b-13 appraisal
well on the Atlas structure in early 2004 and this supported the acceleration of
the Saturn development. It also confirmed the proposed plan to drill three
platform wells. Two will penetrate the Atlas structure, one of which will be a
sidetrack of the appraisal well, and one will access the Hyperion structure.
Current estimates of gross Proved and Probable reserves for Atlas and Hyperion
combined are over 240 Bcf.

In addition, the nearby 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 within the Saturn unit area. Further
satellite developments which could be tied back to Saturn include Mimas (located
in Block 48/09a and formerly know as "Argo"),in which Venture holds a 15%
working interest, and Tethys (Block 49/11b).

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

"The Saturn development is a classic example of committed North Sea participants
realising the potential of previously 'stranded' assets. These are discoveries
made more than 10 years ago and we are delighted to be part of the partnership
bringing them into production, particularly at a time when the UK is facing a
supply shortfall in domestic gas production."

                                      ENDS
Contact:

Venture                                                      01224 619 000
Bruce Dingwall, Chief Executive 01224 619000
Mike Wagstaff, Finance Director
Rod Begbie, Corporate Development Manager

Brunswick                                                    020 7404 5959
Patrick Handley


Notes to Editors:

   * Partners in the Saturn development are ConocoPhillips (U.K.) Limited
     (operator, 42.9%) , RWE DEA UK Development Limited (35.1%), Venture
     Production (North Sea Developments) Limited (22.0%, following legal
     completion of recent acquisition of ENI UK Limted's interest in Block 48/
     10a).
   * 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 eight acquisitions, five
     major commercial transactions and participation in four wells over the
     period 2001-2004.
   * Venture is the operator and 100% owner of Audrey, Ann, Alison and Amanda
     and, as a result of today's announcement, is now 100% owner and operator 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 peak
        production of approximately 200 MMcfpd over the next several years.




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

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