Follow the conversation path:
- Uhh... It's me
- I was running after a Korgon and...
- He has escaped
- I would like my Dinoz to be stronger!
and the Venerable will give the Soft Shaman at Lavapit a hint.
You will then get the 
Fire Charm when you talk to the Soft Shaman next.
In addition you will find the Injured Soldier in Dinotown who gives you 
Membership Carts and access
to the Training Center at Lavapit if you give him an Authentic Warm Bread.
If you'll be fighting with the Venerable and win, you will receive 
Venerable's Eye.
Every dinoz which defeat Venerable will receive 
Venerable status.
Immune to Petrification
Not immune to poison.
Attack: aoe
Hints: equip 3 refrigerated shield (Can be bought in shop by Forges) and 2 BR or survival kits.
Switch off all A- , E- skills with strength under 90. Switch off Detonation, Stumbs, Good Whack and
Flood if it does small damage, all those skill eat your energy out very fast in solo fight and you get
few attacks from Venerable in raw after that. Low level dinoz can try to use monos and pills. Vines helps.
Not forget to switch off other not needed skills that can eat your energy like primal state.
Best time to kill: Better to do this before lvl 51 cause it was reported the xp drops a lot
(from around 1k to 500). It is also a good way to get additional lvl on dinoz that are supposed to be
sacrificed or on dinoz that should be reincarnated.
XP: 1k before lvl 51, 500 after lvl 51? (lvl 49 with prof without intelligence got 1050)
If fighting Venerable with Refrigerated Shields and your dinoz invokes Vapourous Form,
all the increased defense from the shields resets to 0.