Interim Results for the Six Months Ended 30 June 2006

Operational Highlights

Strong operational performance from all production hubs - in line with expectations
Record production levels - average production up 80% to 43,572 boepd (first half 2005 - 24,255 boepd)
2006/7 UKCS development programme on track - all new wells expected to contribute during 2006 now drilled

Financial Highlights

Record financial performance driven by higher production levels and realised commodity prices
Revenue up 230% to £185.4 million (2005 - £56.1 million)
Pre-tax profit of £97.7 million (2005 - pre-tax loss of £5.9 million)
Profit for the financial period of £55.9 million (2005 - loss of £2.8 million)
Operating cashflow £155.5 million (2005 - £3.9 million)
Total capital expenditure (including acquisitions) of £65.2 million (2005 - £82.3 million) - decrease due to investment timing.

Corporate Development and Outlook

Acquisition of CH4 Energy Limited for £153 million in August - adds a fourth gas focused production hub
Four additional asset acquisitions to date in 2006 adding 6.8 MMboe of proven and probable reserves
Formation of a strategic partnership to pursue southern North Sea gas opportunities, North Sea Gas Partners - initial assets acquired by partnership
Average production guidance for 2006 raised to 41,500 - 43,500 boepd - including contribution from CH4 acquisition

Note: All comparatives are with the first half of 2005

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

"During the first half of 2006, Venture delivered record operational and financial performance. All of our production hubs performed strongly and, in aggregate, delivered slightly ahead of expectations. Financially, we are reaping the rewards of our intense North Sea development programme over the last two years. Looking forward we are continuing to invest across our expanded base and our development programme remains on track to deliver continued growth through 2006 and beyond."

"Venture is progressing through a repeated cycle of investment and production growth which will deliver cashflow and earnings generation irrespective of commodity price volatility. We have assembled a deep inventory for development over the next three years, combined with asset and corporate acquisitions such as the recent CH4 deal, will provide a platform for sustained growth for the foreseeable future."

For full information on Venture's Preliminary Results, download the report here.

Interim Results for the Six Months Ended 30 June 2006

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