100% Ownership of 'A' Fields

RNS Number:5455T
Venture Production PLC
22 December 2003

22 December, 2003

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

               Venture Announces 100% Ownership of 'A' Fields and
                   Positive Gas Discovery on Amanda Prospect


Venture Production plc, the Aberdeen based UK independent oil and gas production
company, today announces that it has completed the previously announced
acquisition from First Oil Expro Ltd ("First Oil") of the remaining equity
interests in the Audrey, Ann and Alison ("'A' Fields") producing gas fields.

Venture is already operator of these fields and the remaining interests acquired
comprise a 39.32% interest in Audrey and a 15.00% interest in Ann and Alison,
thereby increasing the Company's position to 100% in all three fields.
Completion of this acquisition provides the Company with further production
volumes and economic upside from the ongoing development of its Southern North
Sea gas business.

Following the successful Annabel well announced in September, the Company today
also announces a positive test of the 49/11a-9 gas well on the Amanda structure,
formerly known as "Annie".

Well 49/11a-9, which was drilled to a depth of 11,660 feet by the jack-up rig
Noble Ronald Hoope, intersected approximately 150ft of net gas pay in the
Rotliegend Formation and tested gas to surface.  Ongoing work suggests that gas
in place in the Amanda accumulation is in excess of the pre-drill estimates.
Initial well deliverability on test was low but in line with finds from similar
wells in the local area.  Venture is currently considering options for improving
the deliverability of the new gas discovery.  These including the drilling of a
horizontal sidetrack, a development option that has proved successful in similar
discoveries nearby that are now in production.

Future production from Amanda has the potential to be developed via a tie-back
to the Venture operated Alison Field.  Such a development could be expected to
deliver first gas by winter 2005.

Commenting on the news, Bruce Dingwall, Venture's Chief Executive, said:

"We are delighted to announce the completion of the remaining interest in the '
A' Fields. This marks a real milestone in our plans to further build our gas
basin hub in the Southern North Sea, a business that has the potential to
deliver over 200 Bcf of reserves.  We have carefully built our position in this
area through a string of acquisitions, commercial deals and drilling programmes,
giving us complete control of the three key producing assets, the associated
infrastructure and a number of satellite tie-backs.

Furthermore, the positive result from our step-out drilling of Amanda, when
considered alongside 100% ownership and control of the immediate area, adds to
our inventory of development projects and illustrates the tremendous value
potential that can be created through a well thought out, planned and executed
strategy."

                                      ENDS


Contact:

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

Roderick Cameron, Brunswick                       020 7404 5959
Eilis Murphy, Brunswick                           020 7404 5959


Notes to Editors:

*    In May and August 2003, Venture announced two acquisitions, from
     ConocoPhillips and First Oil respectively, which, in aggregate, give the 
     Company 100% interests in the Audrey, Ann and Alison gas fields and 
     surrounding acreage.

*    In total, Venture's 'A' Fields interests have the potential to deliver
     over 200 Bcf of net gas reserves and net peak production of approximately 
     120 MMcfpd within the 2005/6 timeframe

*    Venture is currently the operator of the following fields:

     UK North Sea       :        Birch, Larch, Sycamore, Audrey, Ann, Alison, 
                                 Pilot/Harbour, Chestnut, Kittiwake, Mallard, 
                                 Gadwall, Grouse, Goosander

     Trinidad           :        Brighton Marine, Point Ligoure, Tabaquite,
                                 WD-13, WD-14


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

ACQBDBDDGGDGGXD