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Venture Announces 24th Licensing Round Awards

Venture ProductionVenture Production plc ('Venture'), has announced that it has been awarded two Blocks in the UK's 24th Licensing Round, namely Block 49/10c in the Southern North Sea and part of Block 21/17, within the Company's Greater Kittiwake Area ('GKA') production hub, owned 50% by Venture and 50% by Dana Petroleum plc.

Block 49/10c contains the Stamford Discovery and is a candidate for near-term development as either an extended reach well from the Markham J6A production platform or a short sub-sea tieback to Markham.

Block 21/17 contains the Winchat and Wagtail appraisal prospects and the intention is that Dana Petroleum plc will act as Operator during the exploration phase prior to any commercial developments.

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

"We are very pleased to have added these new licences to two of our core production hubs. Given our access to drilling rigs and subsea construction vessels, we will be looking to move forward and develop Stamford as part of the planned work programme for late 2007 or 2008."

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Posted 12/02/07

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