Venture Production acquires North Sea assets

Venture Production has acquired three additional asset interests.

Offshore staff

ABERDEEN, UK -- Venture Production has acquired three additional asset interests. Two are on existing Venture licenses and the other is on a discovery in the East Irish Sea.

•Bligh discovery - block 21/20d
Venture has increased its working interest in block 21/20d, which contains the Bligh gas condensate discovery, from 20.7% to 30.5% through an acquisition from Shell EP
Offshore Ventures. Planning is under way to develop the field over the nearby Venture-operated Kittiwake platform. Additional topsides processing facilities will be required and the company hopes to achieve first production by 2013. Venture will become operator of block 21/20d.

•Carna exploration prospect
Venture will increase its equity interest in the Carna exploration prospect from 40% to 60%. The company has agreed a swap of part of its interests in 43/21b with part of EWE Aktiengesellschaft's interests in block 43/22c. As a result of the two deals, Venture's interest in the Carna prospect will increase from 40% to 56%. Venture will also assume operatorship of both blocks and take control of well planning and design.

Venture has also reached agreement with Hannu Exploration to farm-in to 60% of its 100% equity in blocks 110/4 and 110/9b containing the Marram gas discovery in the Morecambe Bay area of the East Irish Sea.

"We are excited to have completed these three acquisitions - one adding additional production potential to an existing production hub, one building upon our exploration interests in the southern North Sea, and one taking us into a completely new region of the UK Continental Shelf," says Mike Wagstaff, chief executive of Venture. "These new deals represent an exciting addition to our business and provide both development inventory and longer term production growth potential. Following a relatively quiet 2007 by Venture's standards these new deals represent a strong start to our 2008 business development activity."

01/16/2008

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