RNS Number:0329F
Venture Production PLC
10 November 2004


10 November, 2004

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


      Venture Announces DTI Approval of Saturn (Annabel) Field Development
                     and Completion of 'Trees' Acquisition

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
(Annabel) gas accumulation, part of the larger Saturn development area in the
Southern North Sea.

Venture, which holds a 100% working interest in Saturn (Annabel), drilled and
tested the 48/10a-12 well on the Annabel accumulation in August 2003. Following
successful hydraulic fracturing in the second quarter of 2004, the well tested
at rates in excess of 100 million cubic feet per day ("MMcfpd"). It was
subsequently completed as a producer and work is ongoing to complete a subsea
tieback to the Audrey 'A' platform. It is anticipated that production from
Saturn (Annabel) will start during the first quarter of 2005. Optimal reservoir
management dictates that initial rates will be constrained to between 60 and 70
MMcfpd and, in order to accelerate and maximize recoverable reserves, Venture is
planning to drill a second well on the Saturn (Annabel) accumulation in the
third quarter of 2005. Gas export will be via the existing LOGGS infrastructure
and into the Theddlethorpe terminal in Lincolnshire.

In addition to this near term production increase, the recent offer of an award
of a promote licence for Block 48/15b in the 22nd Licensing Round gives Venture
the opportunity to consider further near-field exploration to the south of the
current development.

On an annualised basis Saturn (Annabel) is expected to add around 45 MMcfpd or
7,500 boepd to Venture's 2005 production and in excess of 72 MMcfpd or 12,000
boepd in 2006, subject to current project timing and the success of the second
development well.

Finally, alongside this latest gas business milestone, Venture is pleased to
announce that the development of its oil business continues with the legal
completion of the acquisition of Marubeni Oil and Gas (UK)'s interest in Block
16/12a ('Trees'). This was formally completed on 29 October 2004.

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

"Annabel represents the third new field development for Venture in 2004. The
fast track discovery and development of the Saturn (Annabel) field through
existing infrastructure is what Venture's business is all about. With an
inventory of similar projects to keep us busy for the next two years we are
looking forward to being able to double Venture's production without being
reliant on further major acquisitions."

                                      ENDS
Contact:

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

Patrick Handley, Brunswick 020 7404 5959

Notes to Editors:

          
*    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, Saturn
     (Annabel) and Amanda and has a 22% non-operated interest in the Saturn
     Development (operated by ConocoPhillips).

*    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 - Saturn (Annabel),
          Saturn (Hyperion, Atlas), 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

END
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