RNS Number:9762I
Venture Production PLC
20 March 2003

VENTURE PRODUCTION plc

Venture Announces Acquisition of Increased
Interest in Chestnut Field

Venture Production plc, the Aberdeen-based UK independent oil and gas production
company, today announces the acquisition of an additional 50.0% interest in the
Chestnut oil field, located in UKCS Block 22/2a in the Central North Sea from
Amerada Hess Limited ("AHL"). The acquisition will increase Venture's interest
in the field to 69.875% and Venture will become operator of the field, subject
to DTI and partner approval.

Upon completion of the acquisition, Venture will pay AHL a cash consideration of
#6.5 million with two additional deferred contingent payments of #1.5 million on
approval of the Field Development Plan and a further #2.5 million on first oil
production from the field. Venture estimates that the acquisition will add 8.1
million barrels of oil equivalent ("MMboe") of net proven and probable reserves.

During 2001, a horizontal production well was drilled and completed on the
Chestnut field. A successful extended well test ("EWT") was conducted on the
field which produced at rates of up to 15,000 bopd for approximately four
months. The completed  production well is currently suspended and can be
utilised as a permanent production well in a full development of the Chestnut
field.

Bruce Dingwall, Chief Executive of Venture said,  "We are delighted to increase
our interest in and take over operatorship of Chestnut which is consistent with
our strategy of acquiring large, operated working interests in 'stranded
fields'. Acquisition of the increased interest in the Chestnut field will expand
our development inventory and provide investment opportunities to fuel Venture's
growth in 2004 and beyond".

Amerada Hess is undertaking this sale as part of its global portfolio review in
which Chestnut was identified as a less material asset that did not match
Amerada Hess's strategic requirements.

Completion of the acquisition, which is not subject to pre-emption, and
assumption of operatorship by Venture is subject to partner and regulatory
approvals and is expected to take place in the second quarter of 2003.

Enquiries:

Bruce Dingwall        Chief Executive Officer   Venture            01224 619000
Mike Wagstaff         Finance Director

Patrick Handley                                 Brunswick          020 7404 5959
Tricia Parish
Eilis Murphy


NOTES FOR EDITORS

The Chestnut field which is located in UKCS Block 22/2a was originally
discovered in 1986 and is approximately 230km east of Aberdeen in 120m of water.
During 2001, Amerada Hess Limited acquired a 50% interest in the field and
operatorship through a farm-in arrangement whereby it funded the drilling of the
horizontal production well, 22/2a-11x and the EWT utilising the Brovig floating
production vessel the Crystal Ocean.

During the EWT in 2001, the field produced approximately 1.1 million barrels of
oil over a four month period at production rates of 10 - 15,000 bopd, thereby
significantly reducing the recoverable reserves uncertainty. In order to fully
develop the Chestnut field a water injection well is required to be drilled
together with a subsea tie-back to existing processing and transportation
infrastructure. Upon taking over operatorship of Chestnut Venture will enter
into technical and commercial discussions with the several host field operators
in the area in order to identify the optimum export route, prior to finalising a
Field Development Plan for the field.

Gross remaining proven and probable reserves for the field are estimated to
total 16.25 MMboe. Venture acquired its current 19.875% interest through two
acquisitions; 5.0% interest from TotalFinaElf in 2001 together with an
additional 14.875% interest in mid-2002 from Roc Oil.

The Chestnut field interests are currently as follows:

Amerada Hess Limited (Operator) (to be acquired by Venture)             50.000%
Venture Production (North Sea Developments) Limited                     19.875%
Premier Oil Exploration Ltd                                             15.000%
Bow Valley Petroleum (UK) Limited                                       8.875%
Oranje Nassau (UK) Ltd                                                  6.250%


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

ACQEAADNFSDDEAE