Venture Production provides an operational and trading update ahead of the announcement of its half year results which will be on 27 August 2009.

During the first half of 2009, Venture has made substantial progress through the execution of its stated strategy, growing both production and reserves, and successfully agreeing two significant transactions.

Average Group net daily production for the first six months of 2009 was approximately 52,9001 barrels of oil equivalent per day, 16%(1) above the comparable period in 2008. During the period approximately 55% of total Group production was from the Company’s southern North Sea gas assets.

The key drivers of the increase in production have been the contribution from the new Chestnut oil field which came on stream in September 2008, as well as important contributions from the Grouse oil field, and the Stamford gas field, which both came on stream in December 2008. Across all hubs we have seen good facilities uptime and reservoir performance, with a marked improvement from the Greater Kittiwake Area.

The second half of the calendar year includes normal planned summer maintenance shutdowns and the start-up of production from the new Eris and Ceres gas fields. It is anticipated that these can be brought onstream during late 2009. The solid performance achieved during the first half of the year means that production expectations for the full year remain in line with the earlier forecast of modest growth over 2008 levels.

Tags: Venture Production plc