VPC Venture Prod.

RNS Number:7673C
Venture Production PLC
09 September 2004


9th September, 2004

                  Venture Appoints New Chief Executive

Venture Production plc ("Venture"), the Aberdeen-based independent oil and gas
production company, today announces that Bruce Dingwall has elected to stand
down as Chief Executive of the Company effective 9th September. Mike Wagstaff
will succeed Bruce Dingwall as Chief Executive of the Company. Simultaneously,
Mr. Dingwall will also step down from the Board.

Mike Wagstaff, 42, is currently Finance Director of Venture. Mr. Wagstaff joined
Venture in 1999, having spent over 10 years with Schroders in its energy team
within its corporate finance department, both in London and New York. Venture is
currently recruiting a finance director to replace Mr. Wagstaff.

Bruce Dingwall, 44, founded Venture in 1997 and has been Chief Executive since
that time. His founding strategy together with his leadership has positioned the
Company today as one the UK's leading independent oil and gas operating
production companies with a market capitalization currently of over #250
million. In March 2002, he successfully led the Company through its listing on
the London Stock Exchange.

Bruce Dingwall, said:

"I am very proud of all that has been achieved to date at Venture. Since
founding the Company in 1997, we have built Venture into one of the UK's leading
independent oil and gas operating companies , while maintaining its focus on its
core strategy - the acquisition and exploitation of 'stranded' reserves in
mature basins. Mike has been an integral part of building Venture and remains
committed to our business model. Mike will be an excellent Chief Executive and I
am confident that he and the outstanding team we have created at Venture will
continue to flourish."

Mike Wagstaff said:

"Since 1997, Venture has demonstrated the merits of its strategy in mature
basins such as the North Sea and Trinidad. We are now entering a new phase in
the evolution of the Company with the organisation focused on growth and
delivery from our existing asset base as well as additional acquisitions. Bruce
is a hard act to follow, but I am looking forward to be taking over the role as
Chief Executive at an exciting time both for Venture and the industry."

John Morgan, Chairman, said:

"The Board and staff of Venture are extremely grateful to Bruce for his
leadership over the last eight years. He has been the founder and driver of
Venture from its creation to what is arguably the most successful start up in
the North Sea in the last decade. He is highly respected in the industry, as
evidenced by his presidency of UKOOA and his recently awarded CBE. On behalf of
the Board, I thank him for his inspiration and leadership and I look forward to
working with Mike in the position of Chief Executive."


Enquiries:

VENTURE PRODUCTION plc                                 01224 619 000
Bruce Dingwall, Chief Executive
Mike Wagstaff, Finance Director

BRUNSWICK GROUP                                        020 7404 5959
Patrick Handley
Eilis Murphy
Chris Blundell



Notes to Editors:

Mike Wagstaff's CV.

   * Mike Wagstaff joined Venture as Finance Director in June 1999.
   * Prior to joining Venture he spent over 10 years with Schroders, the UK
     investment bank in its energy team within the corporate finance department,
     both in London and New York. During this period he advised a broad range of
     energy companies including Venture
   * Prior to joining Schroders, Mr. Wagstaff was a petroleum engineer with
     Shell.
   * He holds a First Class degree in Mechanical Engineering from Pembroke
     College, Oxford and an M. Sc. in Petroleum Engineering from Imperial
     College, London University.

Chronology of Venture

   * March 1997. Venture founded by Bruce Dingwall,Larry Kinch and David
     Neely with backing from 3i Group plc.

   * 1998. Venture acquires first assets, producing fields onshore Trinidad.

   * 1999. Venture acquires Brighton Marine field offshore Trinidad. Drills
     first oil production wells onshore Trinidad.

   * 2000. Venture enters the North Sea and becomes production operator
     through acquisition of 'Trees'. Successfully rehabilitates Larch field in
     the North Sea. Average production 2,000 boepd, year end proven and probable
     ("2P") reserves total A MMboe.

   * 2002. Venture lists on London Stock Exchange with market capitalization
     of #180 million.

   * 2003. As operator, Venture brings the Sycamore field development on
     stream, on budget and ahead of schedule. Despite production disappointments
     from Sycamore, average production reaches 13,300 boepd and year end proven
     and probable reserves total 93.7 MMboe. Bruce Dingwall serves as president
     of UKOOA, the UK Offshore Operators Association, the oil and gas production
     trade association. Mr. Dingwall is awarded CBE for services to the oil and
     gas industry in New Years' honours list.

   * 2004. During first half of 2004, production averages 18,000 boepd,
     Venture is participating in three oil and gas projects sanctioned for
     development in the year - two as operator. 2P reserves total 116.2 MMboe.
     Market capitalisation #250 million.








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