Media Information 19th April 2005 - for immediate use

Venture Operated Gadwall Field On Stream

Venture Production plc ('Venture'), the Aberdeen based UK independent oil and gas production company, today announces that production has successfully commenced from the Gadwall oil field at initial rates that are in line with expectations. Gadwall is located in Block 21/19 within the Greater Kittiwake Area ('GKA'), a central North Sea oil production 'hub' operated by Venture.

Gadwall has been developed as a sub-sea tie back to the Kittiwake platform utilising a single producer/injector pair of wells. The discovery well on the Gadwall field, 21/19-6, was originally drilled in 1996 by Shell and suspended for subsequent re-use. The suspended well has been completed as a producer and, subsequent to production performance, a water injection well will be drilled in the fourth quarter of 2005 to provide pressure support from early 2006.

Estimated gross proven and probable recoverable reserves for the Gadwall field amount to 6.4 million barrels of oil and Venture holds a 50% working interest.

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

"Gadwall is the first major incremental project to be delivered from the GKA hub since we took over operatorship in late 2003. It is also the second in a string of new field and in-field developments that we expect to deliver steady additional production growth through 2005. Gadwall represents another fast track Venture operated development of a 'stranded' discovery and the next GKA project is the drilling of a new water injection well to boost production from the Mallard field. The Sedco 704 drilling rig that is on long-term contract to us will shortly move on to location to start this work."

"The significant investment of financial and human capital that we have put in over the last two years developing our North Sea asset base is now paying off."

Enquiries

Venture Contacts
Mike Wagstaff, Chief Executive 01224 619000
John Murphy, Chief Operating Officer 01224 619000
Rod Begbie, Corporate Development Manager 01224 619000

Brunswick Group LLP
Patrick Handley 020 7404 5959
Eilis Murphy 020 7404 5959

Notes to Editors

• The Base Case Gadwall water flood development is expected to deliver a field life of between 7 and 10 years, with cumulative production of 6.4 million barrels of oil and 4.3 billion cubic feet of associated gas.
• The development of the field commenced with design and procurement in first quarter of 2004.
• The drilling work was carried out using the Sedco 704 rig that is on hire to Venture for a period extending through to at least mid-2006.
• The tie back to the Kittiwake platform has involved a 75 m tie-in to the existing Mallard production flowline plus a 3km umbilical to Mallard. The water injection well tie in point has been installed as part of the production well tie in work, thus enabling injection to commence as soon as the water injection well is completed during the fourth quarter of 2005. No modifications will be required to the Kittiwake platform.
• The Greater Kittiwake Area ('GKA'), including Gadwall, is jointly owned by Venture Production plc and Dana Petroleum (50% each) and contains the producing Kittiwake, Mallard and Gadwall fields together with a range of potential satellite tie-backs and appraisal opportunities.