Annabel Gas Well

RNS Number:5315P
Venture Production PLC
09 September 2003

9 September 2003

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

Venture Announces Successful Gas Well on Annabel
which Tested in Excess of 50 MMcfpd

Venture Production plc, the Aberdeen based UK independent oil and gas production
company, announces that it has successfully drilled and tested the 48/10a-12
well on the Annabel accumulation at production rates in excess of 50 million
cubic feet of gas per day ("MMcfpd").  The well has the potential to see first
gas delivered during Winter 2004/5.  Venture has an 88.89% interest in the
block.

Well 48/10a-12, located in the Southern North Sea ("SNS"), was drilled to a
depth of 11,752 feet by the jack-up rig Noble Ronald Hoope. Whilst the
Rotliegend Sandstone has tested gas at a rate in excess of 50 MMcfpd, final flow
rates were constrained by the surface equipment on the rig. Well log data
indicates a gas column in excess of 558 feet and net pay of 200 feet.  No
gas-water contact was observed in the well.

Venture intends to pursue a fast track development of the Annabel field with the
likelihood that first sales gas will be delivered by Winter 2004/5.  The Annabel
field has the potential to be developed via tie-back to the wholly Venture owned
and operated Audrey facilities 13 km to the south. Gas export would then be via
the existing LOGGS infrastructure and from there to the Theddlethorpe terminal
in Lincolnshire.

The drilling success on Annabel is the second positive operational result this
year from the Company's 'A' Fields business hub.  A successful workover returned
the Ann A-2 well to production in June and, once its work on Annabel is
complete, the drilling rig will move on to spud the Annie/Agatha appraisal well
during the fourth quarter.

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

"I am delighted to be able to announce this second successful result so early in
our 'A' Fields drilling campaign.  Annabel is the most prolific gas well we've
drilled so far and analysis of well test and geophysical data is expected to
confirm it as our most significant conversion from technical reserves to Proven
and Probable thus far.

"Such success in step-out drilling near to an existing hub demonstrates the
upside potential in our business model as well as further diversifying our
portfolio.  Taking 100% control of the Audrey field through the two acquisitions
announced earlier this year enables Venture to control the pace of development
of Annabel and thus maximise the return on our investment."

ENDS


Contact:

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

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


Notes to Editors:

Upon completion of the 48/10a-12 well, under the terms of an earn-in agreement
with ENI, Venture will increase its interest from 77.78% to 88.89% interest and
become operator of Block 48/10a with ENI (UK) Ltd holding the remaining 11.11%.

In May and August 2003, Venture announced two acquisitions, from ConocoPhillips
and First Oil respectively, which, in aggregate, will 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, Ann, Alison, Pilot/Harbour, Chestnut
Trinidad     :   Brighton Marine, Point Ligoure, Tabaquite, WD-13, WD-14

Upon completion of the GKA and Audrey acquisitions announced earlier in 2003,
Venture is also expected to become operator of the following additional fields:

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


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