VPC - UNDERVALUED OIL STOCK

On production.

They need to have a strong 2006.

Anything 40,000 boepd average or over would be very strong. imho.

I think they can make the 40,000 boepd which would put them on a par or better than Paladin. Remember that much of PLR's production was high tax Norway, Indonesia and Monarb(excluding new production)

As far as I'm aware all Venture's production is currently being taxed at 40% and from January onwards 50%. One small exception is the main Kittiwake field which produces just over 1,000 boepd net to Venture average. imho

Venture look on course for 40,000 boepd or higher.

Annabel is producing very steadily it would seem. Currently producing 20,000 boepd with 2 wells on production. I,m assuming it can produce 16,000 boepd average in 2006. I also think they'll tend to produce higher during higher prices and lower during lower gas prices. Which will favour high returns to VPC.

Saturn looks like a steady producer with another well to come on production. Currently giving over 6,000 boepd net to VPC. I'm assuming it will maintain this average for 2006 with the new production well.

Audrey and Ann. With infill drilling I'm assuming these fields will manage 3,000 beopd net to VPC in 2006.

GKA(Greater Kittiwake Area).

Currently producing up to 9,000 boepd net to VPC. Because of upgraded loading system and Gadwall field to come back on stream and Goosander set to add production from mid year I'm assuming this field will average 10,000 boepd to VPC.

Trees.

Producion was patchy throughout 2005. I'm hopeful for the new well brought on stream in South Sycamore, the central sycamore well is said to come back on stream in 1st half with support of a water injection well. They are drilling the Ash prospect from Tiffany platform. I'm assuming an average production of 7,000 bopd from Trees in 2006.

I consider these production figures are very achievable and I'm hoping they will be surpassed.

All IMHO DYOR and my best guesstimates.

rgds bomfin