Media Information 8th August 2006 - for immediate use

Venture Operated Goosander 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 Goosander oil field. Goosander is located in Block 21/12 within the Greater Kittiwake Area ('GKA'), a central North Sea oil production 'hub' operated by Venture.

Goosander has been developed as a sub-sea tieback to the Venture operated Kittiwake platform utilising two subsea flowline bundles totalling 12 kilometres in length. The bundles were manufactured and installed by Subsea7 from their construction site in Wick and have been designed and engineered to accommodate future production and water injection wells and the potential for re-use on future subsea tie-backs.

The Goosander discovery well 21/12-3 has been re-entered and completed as a production well and, subject to initial production performance, the drilling of a water injection well is planned for 2007. Estimated gross proven and probable recoverable reserves for the field amount to 15.2 million barrels of oil ('MMbo') and initial production rates are in line with expectations. Venture holds a 50% working interest in and acts as operator for Goosander and the GKA as a whole.

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

"First production from Goosander sees us deliver another important milestone in Venture's 2006 development plan and it is great to be able to announce this news almost a month ahead of schedule. This project brings on stream a sizeable field that was discovered back in 1998 but has remained 'stranded' and undeveloped until today and is another illustration of Venture's operatorship-led strategy in action. This new production from Goosander means the productive capacity of GKA is now at around 28,000 boepd gross, almost three times the average production rate achieved during 2005."

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 water flood development is expected to deliver a peak annual average gross oil production rate of approximately 9,500 barrels per day.
• The expected field life is 7 to 10 years, with cumulative production of 15.2 million barrels of oil and 2.6 billion cubic feet of gas (gross). Associated gas from GKA fields is either used to power the Kittiwake platform or exported into the Fulmar gas line.
• The Greater Kittiwake Area, including the Goosander field, is jointly owned by Venture Production plc and Dana Petroleum plc (50% each) and contains the currently producing Kittiwake, Mallard and Gadwall fields.