Shares in U.K. investor favourite Venture Petroleum slipped slightly on Tuesday, although the company announced 2008 profit after tax was up 59 percent over the prior year to £76.7 million ($108.3 million).

The result came on revenues of £494.9 million ($696.5 million) derived from three new fields and the year’s mostly high oil prices.

Six new wells drilled in 2008 will set up the coming year’s “development programme”, the company said.

The programme is understood to include 13 wells over 18 months, although the company announced two successful gas wells already in 2009, Cygnus and Carna, in the gas accumulations of the southern North Sea.

Venture also said the Chiswick Phase 2 and F3-FA developments have been given the greenlight.

Despite the capital spending, strong cash flow mean asset buy-ups might yet be followed up, although in 2008 Venture reached “record levels of acquisition activity”. The company expects to drill around its new wholly owned Morpheus prospect by early 2010.

Tags: Venture Production plc