Preliminary Results for the Year Ended 31 December 2004

Activity Highlights

Average annual production increased 26% to 16,832 barrels of oil equivalent per day ('boepd') (2003: 13,310 boepd)
33% increase in year end proven and probable reserves to 124.9 millions of barrels of oil equivalent ('MMboe') - 58% of reserve additions from net upgrades
Three new field developments approved Annabel (operator), Gadwall (operator) and Saturn
Significant development activity across all three production hubs - impact to be seen in 2005
Three acquisitions completed in 2004 - 15.8 MMboe of proven and probable reserves added
Strategic review of Trinidad completed - in advanced negotiations to withdraw from Trinidadian operations.

Financial Highlights

Turnover up 15% to £81.5 million (2003: £71.0 million)
Operating Profit pre-exceptional item down 10% to £23.1 million (2003 -£25.7 million)
Operating profit down 81% to £5.0million (2003: £25.7 million) - after £18.1 non-cash impairment of Trinidadian assets
Loss on ordinary activities after tax of £5.5 million (2003: £13.7 million profit)
Operating cashflow up 2% to £44.9 million (2003: £44.0 million)
Capital expenditure, including acquisitions, totalled £99.4 million (2003: £54.3 million)

2005 Outlook

2005 development programme on track to deliver step change in production during 2005
Annabel came on stream on 3rd April - current net production 80 million cubic feet per day ('MMcfpd') (13,300 boepd)
Current net production approximately 35,000 boepd - up over 100% on 2004 average rate
Guidance of 34,000 boepd average production for 2005, anticipated to exit 2005 at over 45,000 boepd

Commenting on the results, Mike Wagstaff, Chief Executive of Venture said:

"2004 represented another year of sustained growth for Venture, leading to record levels of production and reserves. However, as anticipated, it was also a year of transition, as the benefits of our investment in Venture's North Sea business last year will become evident in 2005. These will result in higher production levels in 2005 and beyond."

"2005 has got off to an excellent start with increased production from Birch and the impact of bringing Annabel on stream already this year. The fast-track development of the Annabel gas field represents a major milestone for Venture and Annabel is the first of a number of important development projects, which are expected to come on stream this year, and should result in a step change in production, cashflow and earnings in 2005. With the strategic decision to withdraw from operations in Trinidad, Venture will, in future, be focused on the UK sector of the North Sea."

"This year's development programme is on track and with current production at 35,000 boepd, Venture is set to double production over 2004 levels, subject to project timing and operational issues. As our field developments come on stream, production is set to continue to rise throughout the year and we expect to exit 2005 producing over 45,000 boepd."

For full information on Venture's Preliminary Final Results, download the report here.

Preliminary Results for the Year Ended 31 December 2004

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