United Kingdom North Sea

Highlights - 2006

• Completed six acquisitions (including Venture's first Corporate acquisition - CH4 Limited - in August 2006) adding 42.0 mmboe 2P reserves
• £321m invested to deliver development and acquisitions during the year (£70 million of which was issue of Venture shares as part of the acquisition)
• 50% increase in average production to 44,706 boepd
• 2 new fields brought on stream: Goosander and Rhea
• Extension of 3 rig contracts providing drilling capacity out to 2011
• Formation of North Sea Gas Partners (NSGP)

Highlights - 2005

• Entry into FTSE 250
• Completed seven acquisitions at $1/boe adding 45.5 mmboe 2P reserves
• £208m invested to deliver development and acquisitions during the year
• 77% increase in average production to 29,864 boepd
• Strategic exit from operations in Trinidad - now 100% focussed on North Sea
• 4 new fields brought on stream:  Annabel, Gadwall, Saturn and Sycamore
• Second Mallard injection well successfully drilled
• Chestnut development - utilisation of low cost floating production system - on track for first oil 2007
• Entered into Alliance Agreement with SubSea 7 to secure DSV vessels

Highlights - 2004

• Completed three aquisitions at $3/boe adding 15.8 mmboe of 2P reserves
• £99m invested to deliver 2005 step change in production
• Strategic review of operations resulting in a planned withdrawal from operations in Trindad
• Equity placing raised £25m

Highlights - 2003

• Brought Sycamore on stream ahead of schedule at 17,000 bopd
• Acquired 100% of the Audrey production hub
• Added a third production hub - the Greater Kittiwake Area ('GKA')
• Completed five acquisitions adding 26.4 mmboe

Highlights - 2002

• Received DTI approval for development of the Sycamore Field and commenced fast track development
• Completed the aquisition of five additional interests in existing fields

Highlights - 2001

• Acquired Phillips' and TotalFinaElf's interest in the 'A Fields' in the Southern North Sea as well as several fields in Central North Sea
• Completed plans for a significant new development in the North Sea Trees block 16/12a

Highlights - 2000

• Established as UKCS Operator
• Drilled Larch injector well, returning it to production levels of more than 10,000 barrels of oil per day ('bopd')
• Acquired Point Ligoure and significantly boosted production in Brighton Marine - two key Trinidadian fields