Venture Receives DTI Approval of Mimas Field Development

Venture Production says that the UK Department of Trade and Industry ('DTI') has given its approval for the development of the Mimas gas field located in Block 48/9a, 13 kilometers north east of the producing Saturn field development. Venture holds a 15% interest in Mimas, which is being developed via a normally unmanned two-slot platform with one planned production well tied back to the Saturn facility through a 10 inch pipeline to be installed this summer. ConocoPhillips is operator of both Mimas and Saturn. Mimas is being developed simultaneously with the ConocoPhillips operated Tethys field which will deliver economies of scale with regard to facilities and installation costs.

The discovery well on the Mimas field, 48/9a-2, was originally drilled in 1989 and suspended for subsequent re-use. The production well to be drilled during Q3 2006 will be twinned with the discovery well. First gas from Mimas is forecast in December 2006 at an initial gross rate of around 40 million cubic feet per day ('MMcfpd') or 6 MMcfpd net to Venture and the field is expected to continue in production until 2016. Gross proven and probable recoverable reserves for the field amount to 46 billion cubic feet ('Bcf') or 6.9 Bcf net to Venture.

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

'Mimas will provide us with additional gas to sell into the UK market during winter 2006/7. It represents another incremental project in the development of our southern North Sea gas business and an important enhancement to the successful Saturn development brought on stream at the start of last winter. We continue to work closely with ConocoPhillips to maximize the potential of the acreage in which we have shared interests.'

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