Venture welcomes today's announcement by the Takeover Panel Executive that it has imposed a deadline of 5.00pm on July 13, 2009, by which Centrica plc (Centrica) must, unless the Takeover Panel Executive consents otherwise, either announce a firm intention to make an offer for Venture under Rule 2.5 of the Takeover Code (the "Code") or announce that it does not intend to make an offer for Venture.

If Centrica announces that it does not intend to make an offer for Venture, Centrica and any person acting in concert with it will, except with the consent of the Takeover Panel Executive, be bound by the restrictions contained in Rule 2.8 of the Code for six months from the date of such announcement.

Prior to Venture's request that the Takeover Panel Executive impose a "put up or shut up" deadline, the Chairman and Chief Executive of Venture met with their respective counterparts at Centrica at which no firm offer was forthcoming. By July 13, Centrica will have had nearly four months to put forward a firm offer and Venture's Board believe it is in the interests of the Company and its shareholders that this period of protracted uncertainty is brought to an end.

Since the start of the Offer Period on 18 March, Venture has made substantial progress in delivering upon its stated strategy including:

Average production of approximately 53,400 boepd for the first five months of 2009, up 17% over the same period last year; Successful appraisal of the Cygnus gas field; Successful exploration well on Carna; Tie-in of the second Chestnut production well; and Successful Kew appraisal well

As a result, at the end of March 2009, Venture reported a 12% increase to year end total proven and probable reserves to approximately 240 million barrels of oil equivalent (MMboe). This increase in Venture's reserves is supported by an independent assessment by DeGolyer and McNaughton.

Tags: Centrica plc, Venture Production plc