Acquisition

RNS Number:5195L
Venture Production PLC
27 May 2003

EMBARGOED UNTIL 7.30am, 27 May 2003


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

    Venture Announces Acquisition of Audrey Field Interest and Operatorship

Venture Production plc, the Aberdeen based UK independent oil and gas production
company today announces that it has entered into an agreement to acquire
ConocoPhillips (UK) Limited's ("ConocoPhillips") 30.78% unitised interest in the
Audrey gas producing field that spans Blocks 48/15a and 49/11a.  This will
increase Venture's unitised interest in the Audrey field to 60.68% and, subject
to customary partner and regulatory approvals, Venture is expected to become
field operator.  Audrey will become the eighteenth operated field interest in
the Venture portfolio and a key component of the Company's Southern North Sea
gas basin strategy.

As a result of the increase in its interest in Audrey, Venture's net production
is expected to rise by a current average of 12.0 million cubic feet of gas ("
MMcf") or 2,000 barrels of oil equivalent ("boe") per day.

The total consideration will be $9.5 million payable in cash, with an adjustment
for net cashflow from the field in the period since the effective date of 1st
January 2003.  The acquisition, which is expected to complete in the third
quarter of 2003, will add incremental proven and probable ("2P") reserves of
16.1 billion cubic feet ("Bcf") or 2.7 million boe net to Venture.

In addition to the proven and probable reserves in Audrey, Venture recognises
significant additional 'stranded' reserves, which, as operator, the Company will
be in a position to access as part of its overall activity around its 'A' Fields
gas basin 'hub'.

Audrey represents the third North Sea acquisition Venture has announced in 2003
and, in aggregate, these transactions will increase Venture's pro-forma 2P
reserves to 73.0 million boe, an increase of 23.3 million boe or 47% since 31
December 2002.

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

"Increasing our stake in the Audrey gas field is in line with Venture's proven
strategy of building large operated working interests in 'stranded' fields and
operatorship of Audrey gives us control of another asset with significant
development potential.  Since the acquisition of our initial Audrey interest 18
months ago we have been ideally placed to assess the field's upside and '
stranded' reserves opportunities and we are keen to start capitalising on these
as soon as possible.

An encouraging aspect of this transaction is the speed with which both
ConocoPhillips and Venture have agreed and negotiated the deal.  If every
transfer of ownership of mature assets between the majors and growing
independents can be handle as efficiently as this one then I am confident that
we will have overcome one of the historical barriers to doing business in the
UKCS."



                                      ENDS



Contact:


Bruce Dingwall, Chief Executive                                 01224 619000
Mike Wagstaff, Finance Director                                 01224 619000

Patrick Handley, Brunswick                                      020 7404 5959
Eilis Murphy, Brunswick                                         020 7404 5959


Notes to Editors:

*      In September 2001, Venture completed the acquisition of interests located
in the southern sector of the North Sea from Phillips and from TotalFinaElf.
These interests included a 29.9% unitised interest in the producing Audrey
field.  Venture acquired, in total, a 77.78% equity interest in Block 49/11a,
which, in turn, has a 38.44% unitised interest in the Audrey field.

*      The Audrey field was discovered in 1976 and started producing gas in
1988.  It is located 53 miles (85 km) NE of Bacton in approximately 27m water
depth and has been developed utilising two normally unmanned fixed platforms.
Production is processed and exported via the regional LOGGS gathering system and
gas is landed at the Theddlethorpe terminal in Lincolnshire.  ConocoPhillips, as
operator of LOGGS, will continue to provide all operating services for the
Audrey facilities following Venture assuming field operatorship.  The Venture
operated Ann field is also controlled via one of the two unmanned Audrey
platforms.

*      Since late 2000, through a total of four acquisitions and a number of
commercial transactions, Venture has built its 'A'Fields position into a second
North Sea 'hub' (the first being the 'Trees' Fields including Sycamore, Birch
and Larch) and has put itself in a position to invest in the rejuvenation of
this gas basin area.  It has an active development plan for the assets, which
will commence with drilling activity in the second half of 2003.  In total,
Venture's position has the potential to deliver over 200Bcf 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, Ann, Alison, Pilot/Harbour, 
                         Chestnut
Trinidad            :    Brighton Marine, Point Ligoure, Tabaquite, WD-13, WD-14

Upon completion of acquisitions announced in 2003, including today's 
announcement, Venture is also expected to become operator of the following 
fields:

UK North Sea        :    Kittiwake, Mallard, Gadwall, Grouse, Goosander, Audrey




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