Venture Enters into Long Term Drilling Contracts

Drilling Capacity for Development Programme Secured Through 2011

Venture Production plc ('Venture'), the Aberdeen based UK independent oil and gas production company, today announces it has entered into two long-term agreements with Noble Corporation ('Noble') for Noble to provide drilling services in support of Venture's North Sea operations. The first agreement is an extension of Noble's existing contract that will provide Venture with drilling capability for its central North Sea operations into 2009. The second is for the delivery of a new, purpose-built jack-up rig that will provide drilling capacity into 2011.

Venture has extended its contract with Noble for the semi-submersible drilling rig, the Noble Ton van Langeveld ('NTvL'), for a 12 month period beyond its current contract which was to expire in mid-2008. Simultaneously, Venture has entered into a flexible rig sharing agreement with BG Group Plc ('BG') in respect of the NTvL, by which Venture and BG and will share rig slot over the period of Venture's existing contract and the additional twelve-month contract extension. Prior to being deployed on Venture's drilling activities during the first half of 2007, the NTvL will be taken into dry dock for equipment upgrades.

Venture has also entered into an agreement with Noble for the delivery of a new-build heavy-duty harsh environment ('HDHE') jack-up rig during the first half of 2009 for a two year commitment. The rig will be available for the 2009 - 2011 drilling campaign.

The new HDHE rig is to be a Friede & Goldman ('F&G') JU-2000E design capable of drilling in water depth up to 400 ft. This design will allow it to operate across the vast majority of Venture's asset portfolio, in both the Southern and Central North Sea. This environment is more commonly associated with semi-submersible units and the deployment of a jack-up rig will deliver greater operational flexibility and other commercial benefits for Venture.

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

"We are delighted to have secured long term access to flexible, high quality drilling services through 2011, giving Venture the ability to execute its North Sea development programme into the next decade. This contract, which will bring the first dedicated newly built drilling rig into the UKCS for many years, represents a significant long-term commitment to the North Sea."

"These new contracts consolidate Venture's long-term partnership with Noble, going back to 2003, and represent a continuation of our successful supply chain management strategy. This partnership, with the industry leader in drilling safety performance, cements access to high-performing, efficient and above all safe, drilling rigs for the foreseeable future."

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Notes to Editors

Venture Production plc

Aberdeen based, UK independent oil and gas producer, focused on the North Sea.
Listed on the London Stock Exchange with a market capitalisation of over £900 million.
Currently producing about 45,000 boepd net from 11 fields in the North Sea
Proved and Probable reserves of 161 MMboe at end of 2005.

In April 2006 Venture announced its 2005 results.

Turnover up 101% to £164.1 million (2004 - £81.5 million).
Profit After Tax £31.1 million (2004 - £5.5 million loss).
Operating cash flow up 76% to £77.1 million (2004 - £44.1 million).
Average production up 77% to 29,864 boepd (2004 - 16,832 boepd).

Venture's 2005 Annual Report and Accounts may be downloaded from here.

Venture's Relationship with Noble

Noble has conducted all of Venture's southern North Sea ('SNS') drilling operations since they commenced in 2003.
Venture currently has contracts for two Noble rigs:
- Noble Julie Robertson ('NJR') jack-up, for two years commencing late third quarter 2006 which will operate in the SNS.
- Noble Tan van Langeveld ('NTvL') semi-submersible for one year commencing second quarter 2007. The NTvL will operate in the central North Sea.
The new build F&G JU-2000E rig will be a Friede & Goldman design 400ft leg cantilever jack-up unit that will be constructed in China. It will be the third such unit that Noble is building. The first two are contracted to Shell and are expected to be delivered in early 2007 and 2008 respectively. The unit will be capable of drilling to 30,000ft sub-surface depth in 400ft of water and will be equipped with a 15,000 psi BOP stack. As a result it will be capable of drilling on all of Venture's current fields in the North Sea with the exception of 'Trees' (the water depth is over 400ft). The rig is anticipated to be delivered from the shipyard in the first quarter of 2009.

Noble Corporation

Noble Corporation is a leading provider of diversified services for the oil and gas industry. Contract drilling services are performed with the Company's fleet of 63 mobile offshore drilling units located in key markets worldwide. This fleet consists of 13 semi-submersibles, three dynamically positioned drillships, 44 jack-ups and three submersibles.
The fleet count includes three F&G JU-2000E enhanced premium new build jack-ups under construction, with scheduled delivery of the first unit in the third quarter of 2007, the second unit in first quarter of 2008, and the third unit in the first quarter of 2009. As previously announced, these units have been contracted.
Approximately 84% of the fleet is currently deployed in international markets, principally including the Middle East, Mexico, the North Sea, Brazil, West Africa and India. The Company provides technologically advanced drilling-related products and services designed to create value for our customers. The Company also provides labour contract drilling services, well site and project management services, and engineering services.
The Company's ordinary shares are traded on the New York Stock Exchange under the symbol 'NE'.