Venture Appoints New Chief Executive

Venture Production announces that Bruce Dingwall has elected to stand down as Chief Executive of the Company effective September 9th. Mike Wagstaff will succeed Bruce Dingwall as Chief Executive of the Company. Simultaneously, Mr. Dingwall will also step down from the Board.

Mike Wagstaff, 42, is currently Finance Director of Venture. Mr. Wagstaff joined Venture in 1999, having spent over 10 years with Schroders in its energy team within its corporate finance department, both in London and New York. Venture is currently recruiting a finance director to replace Mr. Wagstaff.

Bruce Dingwall, 44, founded Venture in 1997 and has been Chief Executive since that time. His founding strategy together with his leadership has positioned the Company today as one the UK's leading independent oil and gas operating production companies with a market capitalization currently of over £250 million. In March 2002, he successfully led the Company through its listing on the London Stock Exchange.

Bruce Dingwall, said:

'I am very proud of all that has been achieved to date at Venture. Since founding the Company in 1997, we have built Venture into one of the UK's leading independent oil and gas operating companies , while maintaining its focus on its core strategy - the acquisition and exploitation of 'stranded' reserves in mature basins. Mike has been an integral part of building Venture and remains committed to our business model. Mike will be an excellent Chief Executive and I am confident that he and the outstanding team we have created at Venture will continue to flourish.'

Mike Wagstaff said:

'Since 1997, Venture has demonstrated the merits of its strategy in mature basins such as the North Sea and Trinidad. We are now entering a new phase in the evolution of the Company with the organization focused on growth and delivery from our existing asset base as well as additional acquisitions. Bruce is a hard act to follow, but I am looking forward to be taking over the role as Chief Executive at an exciting time both for Venture and the industry.'

John Morgan, Chairman, said:

'The Board and staff of Venture are extremely grateful to Bruce for his leadership over the last eight years. He has been the founder and driver of Venture from its creation to what is arguably the most successful start up in the North Sea in the last decade. He is highly respected in the industry, as evidenced by his presidency of UKOOA and his recently awarded CBE. On behalf of the Board, I thank him for his inspiration and leadership and I look forward to working with Mike in the position of Chief Executive.'