First Gas From Saturn Field

Venture Production plc ('Venture'), the Aberdeen based UK independent oil and gas production company, today announces that first gas has been delivered from the ConocoPhillips operated Saturn field. The field is located in UKCS Blocks 48/10a and 48/10b and Venture holds a 22% working interest in the Saturn development.

Saturn has been developed via a six slot normally unmanned platform operated by ConocoPhillips and is tied directly into the LOGGS gathering and export pipeline system, which terminates onshore at Theddlethorpe. First gas has been delivered well ahead of plan, which under the original schedule envisaged start-up during Q4 2005. A phased drilling programme is in place that is expected to deliver a peak gross production rate of 170 million standard cubic feet per day ('MMscfpd') during 2006 from a total of three wells. Once stabilised, initial gross production rates from the first Saturn well are expected to be around 75 MMscfpd. Venture's share of this initial production will be 16.5 MMscfpd and Saturn will be a material contribution to Venture's anticipated average net production rate of between 140 and 150 MMscfpd during the upcoming winter months.

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

"We are delighted to be able to announce early delivery of first gas from Saturn and to congratulate the operator ConocoPhillips on successful management of a key Southern North Sea gas development. Following on from the start-up of our Annabel field in early April, this latest successful development has increased Venture's access to one of the largest pools of undeveloped gas in the Southern North Sea at a time when the UK gas market is increasingly attractive for producers."

Enquiries

Notes to Editors

Venture expects the second Saturn well to be onstream during December.
Near term gas projects that Venture operates include the second well on the Annabel field which is currently drilling with an expectation of first gas during October and an infill well on the Ann field which is scheduled to spud during Q4 2005.
Partners in the Saturn development are ConocoPhillips (U.K.) Limited (operator), RWE DEA UK Development Limited and Venture Production (North Sea Developments) Limited.
Venture entered the southern North Sea ('SNS') in 2001 through the acquisition of interests in the Audrey, Ann and Alison gas fields.
Venture has built its SNS business through serial acquisition, multiple major commercial transactions and a portfolio of development, appraisal and exploration wells within the 'A' Fields hub over the period 2001 - 2005.
Venture is the operator and 100% owner of the Audrey, Ann, Alison and Annabel fields and has a 22% interest in the Saturn field that is now in production.
As a result Venture now has interests in seven discovered SNS gas fields:
- five in production (Audrey, Ann, Alison, Annabel and Saturn)
- two near term developments with the potential to be on stream by end 2006 (Mimas and Amanda)
- two further near term appraisal opportunities (Agatha and Adele)
- at the end of 2004, total net proved and probable gas reserves from these interest amounted to 254 Bcf
- in addition Amanda, Agatha and Adele account for a further 80 Bcf of additional possible reserves
- this gas portfolio has the potential to deliver peak production over 200 MMscfpd in the 2006/7 timeframe.