Media Information 8th May 2006 - for immediate use

Venture Announces DTI Approval of Mimas Field Development

Venture Production plc ('Venture'), the Aberdeen based UK independent oil and gas production company, today announces that the UK Department of Trade and Industry ('DTI') has given its approval for the development of the Mimas gas field located in Block 48/9a, 13 kilometres north east of the producing Saturn field development. Venture holds a 15% interest in Mimas, which is being developed via a normally unmanned two-slot platform with one planned production well tied back to the Saturn facility through a 10 inch pipeline to be installed this summer. ConocoPhillips is operator of both Mimas and Saturn. Mimas is being developed simultaneously with the ConocoPhillips operated Tethys field which will deliver economies of scale with regard to facilities and installation costs.

The discovery well on the Mimas field, 48/9a-2, was originally drilled in 1989 and suspended for subsequent re-use. The production well to be drilled during Q3 2006 will be twinned with the discovery well. First gas from Mimas is forecast in December 2006 at an initial gross rate of around 40 million cubic feet per day ('MMcfpd') or 6 MMcfpd net to Venture and the field is expected to continue in production until 2016. Gross proven and probable recoverable reserves for the field amount to 46 billion cubic feet ('Bcf') or 6.9 Bcf net to Venture.

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

"Mimas will provide us with additional gas to sell into the UK market during winter 2006/7. It represents another incremental project in the development of our southern North Sea gas business and an important enhancement to the successful Saturn development brought on stream at the start of last winter. We continue to work closely with ConocoPhillips to maximise the potential of the acreage in which we have shared interests."

Enquiries

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

Brunswick Contacts
Patrick Handley 020 7404 5959
Chris Blundell 020 7404 5959

Scottish Press
John MacDonald, Weber Shandwick 01224 806600

Notes to Editors

• The base case Mimas development is expected to deliver annual average gas production rate of approximately 4.6 million cubic feet per day during 2007 (net to Venture).
• The expected field life is around 10 years, with cumulative production of 6.9 Bcf of gas (net to Venture).
• First gas is anticipated by the end of December 2006.
• Venture has a 15% interest in the Mimas field alongside ConocoPhillips (35%, operator) and RWE (50%).
• Venture has no economic interest in the Tethys field which is owned by ConocoPhillips (25%, operator) and RWE (75%).
• The development of the Mimas field commenced with design and procurement in Q3 2005.
• The platform installation and subsea activity is scheduled for Q2/3 2006 and the drilling activity for Q3/Q4 2006.
• Mimas and Tethys are being developed using similar minimum facilities platforms ('MFPs') that are relatively low cost and suitable the water depth of around 30 metres.