Venture Production Makes Commercial Gas Discovery at Carna

Venture Production has announced the results of the Carna gas exploration well (Venture operated -- 56% unitized interest) located in UKCS blocks 43/21b and 43/22c.

The Carna well (43/21b-5/5z) commenced drilling from the Ensco 92 drilling rig on December 26, 2008 and reached a total measured depth of 11,500 feet on March 4, 2009. The well was designed to test a Carboniferous fault block and a significant gas reservoir was discovered following a mechanical sidetrack carried out in January.

Well log data indicates a gas column in excess of 1490 feet TVD (true vertical depth) and net pay of 127 feet TVD. The well tested gas at stabilized rates in line with expectations with a gross rate of nine million cubic feet per day (MMcfpd) on a 48/64th choke from a vertical well penetrating the Carboniferous. No formation water was produced during the test. The well has been suspended pending further sidetrack to
become a future production well and a field development decision will be made following a full evaluation of the export options.

While Carna is a commercial gas discovery in its own right and is in line with pre-drill expectations of estimated net gas in place ranging from 95 to 185 billion cubic feet (Bcf), the confirmation of productive reservoir sands increases the attractiveness of five potential follow-on prospects in the surrounding Greater Carna Area. These other prospects, taken together, are expected to contain additional net gas in place ranging from 104 Bcf to 390 Bcf but, as yet, remain undrilled.

Commenting on the news, Mike Wagstaff, Chief Executive said, "This is another excellent drilling result and a fresh exploration success which opens up a new area of further prospectivity in a relatively underexplored part of the southern North Sea. We acquired the Carna license interest as part of our acquisition of WHAM Energy in 2007 and it is gratifying to see such a positive early result from that deal."

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