Here's what KBC had to say about them.

http://www.kbcpeelhunt.com/pdfs/Oil04Mar05.pdf

Venture is by a margin the cheapest of the North Sea focused E&P
companies in terms of its forward cash flow multiple. With key new
gas field development seeming to be on track, the production base
will get not only an anticipated strong addition from March but will
also derive improved asset diversity. The company has so far
significantly under-delivered in financial terms and improved market
confidence and rising profitability could make this a strong
performer in 2005.
While Venture has generally managed its primary North Sea
production and development business competently, and field
performance, with the exception of Sycamore, has been up to
expectations, the financial performance has been undermined by
events. However, delivery of the key new field developments seems
to be on track and the company should more than double production
capacity to over 45,000 barrels of oil equivalent by the end of 2005
and should achieve on average at least 30,000 boe/d in the year.
The misfortunes continued on Sycamore, with an injector well
apparently not communicating with the intended reservoir section.
This caused the company to reduce 2005 production guidance by
about 1,500 b/d to 31.0-33.0 kboe/d.
The development programme under way continues through 2006
giving a further year or two of growth in the production profile from
within the existing reserve inventory. The company therefore has
time to seek further development opportunities either within its
existing licences or by acquiring or licensing new assets.
The stock is trading close to our Core NAV estimate but is on a lower
prospective multiple of earnings (2005 PE of 7) and cash flow (P:CF
of 2.3) than any other E&P stock. The appointment of a new FD
relieves CEO Mike Wagstaff of his multiple responsibilities, which
should improve confidence in delivery.
With 50% of estimated production in 2005-2008 in the form of natural
gas, Venture offers direct exposure to the UK gas price. Moreover,
the reliability issues that have dogged the company have been in its
oil rather than gas operations.

Time for a chart..

"Venture Production plc (Venture), the Aberdeen based UK independent oil and gas company, announces successful tie-in of a second production well in the Chestnut field. Venture is the field operator and holds a 69.875% working interest in the part of block 22/2a containing the Chestnut field.

The Chestnut field came on stream in mid-September 2008 with one initial production well tied-in to the Hummingbird FPSO. A second Chestnut production well was sanctioned in May 2008, spudded in September and successfully tested in November. This additional well has now been connected to the subsea infrastructure and has increased production from the field to just less than 12,000 barrels of oil equivalent per day (boepd), net to Venture. In addition, as a result of strong well performance and updated reservoir modelling the expected overall recovery from the field has increased by between two and five million barrels of oil equivalent (MMboe), net to Venture.

Investment in this second production well was sanctioned in May 2008 which means the well has been drilled and brought on stream in less than 10 months."

MoneyAM
"Venture Production this morning announced the success of its latest North Sea Carna gas well exploration, reporting that the well tested gas at stabilised rates in line with expectations with a gross rate of nine million cubic feet per day.

The Aberdeen-based oil and gas company said the Carna well commenced drilling from the Ensco 92 drilling rig on 26th December 2008 and reached a total measured depth of 11,500 feet on 4th March 2009. The well was designed to test a Carboniferous fault block and a significant gas reservoir was discovered following a mechanical sidetrack carried out in January.

Well log data indicates a gas column in excess of 1490 feet TVD (true vertical depth) and net pay of 127 feet TVD. The well tested gas at stabilised rates in line with expectations with a gross rate of nine million cubic feet per day (MMcfpd) on a 48/64th choke from a vertical well penetrating the Carboniferous.

No formation water was produced during the test. The well has been suspended pending further sidetrack to become a future production well and a field development decision will be made following a full evaluation of the export options. "

Once agian Venture prove they can deliver the Carna field is the cream on the top.

Talks next week with MW and Centrica.

Talks today send the sp up to 800p.

Centrica bid next week.

MoneyAM
"Aberdeen-based UK independent oil and gas company Venture Production said as at 1st April 2009, average production for the year to date has been approximately 51,300 barrels of oil equivalent per day, around 15% higher than last year.

Key contributors to production growth are the Chestnut, Grouse and Stamford fields, which were brought into production in the second half of 2008. Following the recent start-up of stabilised production from the second Chestnut production well, group production has averaged approximately 60,000 boepd.

The first quarter of 2009 has been an active period of drilling and field development activity.

Further drilling news is anticipated in the near future, with the results of the test of the second Cygnus appraisal well and the results of the Kew appraisal well (Venture: 100%). "

Half expected news re the bid this am Harry.

Cat & mouse game played here.

both are asleep!

that recorded volume above of 3.4m looks very suspect to me ...... according to the Trades on this site, 1m is more the mark, which is pretty much the norm i think

but i see Cerntrica now coming under pressure to increase its bid .... just maybe worth a small punt if you can buy <850 in the morning

up 5% this am but short of 845p.

no way will venture accept.........anyway sp doesnt go to takeover price immediately for anyone with experience on these matters.
sp should go down eventually after centica trying to steal venture on the cheap.

assuming Centrica make something approaching an acceptable bid, expect a discount to that of +/-10% which allows for time element + risk factor

very very heavy volumes today - 6.5m at time writing

Still short of 845p I'm not selling.

not necessarily very bright.
sp will remain below 845 until the deal is done, if it actually is.
with the disappointing drilling result, VPC have had their trump card turned over