Tuesday, Venture Production plc (VPC.L), an independent oil and gas production company, reported an increase in average net daily production for full-year 2008, which is attributed to strong underlying reservoir and well performance from core producing fields.
Further, the company said 2008 financial results will be impacted by non-cash charges related to exchange rate movements on net foreign currency liabilities due to the fall in the value of sterling and a modest impairment charge as a result of a lower oil price outlook compared to last year.
Average net daily production for 2008 was approximately 45,000 barrels of oil equivalent per day, an increase of 9% over 2007.
The Aberdeen-based company said that in addition to strong underlying reservoir and well performance from core producing fields, the growth was driven by a full-year contribution from the Chiswick gas field and production from new field developments.
Net proven and probable reserves for the year are estimated to be approximately 214 million barrels of oil equivalent, a 6% increase from last year.
Looking forward, the company expects modest production growth in 2009 over 2008 levels helped by additional production contributions from the second Chestnut production well and the Eris/Ceres gas fields.
The company also expects 2009 capital spending, excluding acquisitions, to be approximately GBP 300 million, which is expected to be funded out of operating cash flow, based on the current commodity price outlook.
VPC is currently trading at 459 pence, down 1.29%, on the London Stock Exchange.
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