Venture Brings Gadwall Field On Stream

Venture Fields
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Venture Production reports that production has successfully commenced from the Gadwall oil field at initial rates that are in line with expectations. Gadwall is located in Block 21/19 within the Greater Kittiwake Area ("GKA"), a central North Sea oil production 'hub' operated by Venture.

Gadwall has been developed as a sub-sea tie back to the Kittiwake platform utilizing a single producer/injector pair of wells. The discovery well on the Gadwall field, 21/19-6, was originally drilled in 1996 by Shell and suspended for subsequent re-use. The suspended well has been completed as a producer and, subsequent to production performance, a water injection well will be drilled in the fourth quarter of 2005 to provide pressure support from early 2006.

Estimated gross proven and probable recoverable reserves for the Gadwall field amount to 6.4 million barrels of oil and Venture holds a 50% working interest.

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

"Gadwall is the first major incremental project to be delivered from the GKA hub since we took over operatorship in late 2003. It is also the second in a string of new field and in-field developments that we expect to deliver steady additional production growth through 2005. Gadwall represents another fast track Venture operated development of a 'stranded' discovery and the next GKA project is the drilling of a new water injection well to boost production from the Mallard field. The Sedco 704 drilling rig that is on long-term contract to us will shortly move on to location to start this work."

"The significant investment of financial and human capital that we have put in over the last two years developing our North Sea asset base is now paying off."

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