VPC Venture Prod.

RNS Number:2913D
Venture Production PLC
24 September 2004


24th September, 2004

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


          Venture Announces DTI Approval of Gadwall Field 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 Gadwall oil
field. Gadwall is located in Block 21/19 within the Greater Kittiwake Area
("GKA"), a central North Sea oil production 'hub' operated by Venture.

Gadwall will be developed as a sub-sea tie back to the Kittiwake platform
utilising a single producer/injector pair of wells. The discovery well on the
Gadwall field, 21/19-6, was originally drilled in 1996 by Shell and suspended
for subsequent re-use. Completion of the suspended well as a producer is
expected to take place in the fourth quarter of 2004 and, subsequent to
production performance, drilling of a water injection well is planned during
2005.

Estimated proven and probable recoverable reserves for the field amount to
7.3 MMboe with first production from the field scheduled for the first quarter
of 2005.

Commenting on the news, Mike Wagstaff, Chief Executive said:

"Together with Dana, our partner in GKA, we are delighted to announce the DTI's
go-ahead of development of the Gadwall field, the first major incremental
project in the GKA hub since we took over operatorship in late 2003. This fast
track development of a 'stranded' discovery is a prime example of the
implementation of Venture's strategy, utilising existing wells and
infrastructure to both accelerate the timing and reduce the cost of developing
smaller fields in the North Sea. Field development approval represents another
significant milestone in delivering our 2004 programme, which is expected to
lead to a step change in Venture's production from early 2005 onwards".

                                      ENDS


Contact:

Mike Wagstaff, Chief Executive                                      01224 619000
Rod Begbie, Corporate Development Manager

Patrick Handley, Brunswick                                         020 7404 5959
Eilis Murphy



Notes to Editors:

-    The Base Case water flood development is expected to deliver a peak
     annual average oil production rate of approximately 6,000 barrels of oil
     equivalent per day ("boepd").

-    The expected development life is 10 years, with cumulative
     production of 6.6 million barrels of oil and 4.4 billion cubic feet of gas.

-    The development of the field commenced with design and procurement
     in 1Q 2004.

-    The drilling and subsea activity is scheduled for 4Q 2004 using the
     Transocean 704 rig that came on hire to Venture on Wednesday 22 September 
     for a period extending through to mid-2006.

-    The tie back involves a 75 m tie-in to the existing Mallard
     production flowline plus a 3km umbilical to Mallard. The water injection 
     well tie in point will be installed as part of the production well tie in 
     work enabling injection to commence as soon as the water injection well is 
     completed. No modifications will be required to the Kittiwake platform.

-    First oil is anticipated by mid-February 2005 with water injection
     to be added by Q4 2005.

-    The Greater Kittiwake Area ("GKA"), including Gadwall, is jointly
     owned by Venture Production plc and Dana Petroleum (50% each) and contains 
     the producing Kittiwake and Mallard fields.


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

END
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