Final Results -16-
March 17 2009 - 3:00AM
UK Regulatory
+--------------------------------+----------+----------+----------+----------+
| | Group | Company |
+--------------------------------+---------------------+---------------------+
| | 2008 | 2007 | 2008 | 2007 |
+--------------------------------+----------+----------+----------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+----------+----------+----------+----------+
| At 1 January | 16,341 | 11,098 | - | 6,120 |
+--------------------------------+----------+----------+----------+----------+
| Inter-company loan | - | 4,092 | - | - |
| reclassified as investment | | | | |
+--------------------------------+----------+----------+----------+----------+
| Transfer of investment in | - | - | - | (6,120) |
| associated undertaking | | | | |
+--------------------------------+----------+----------+----------+----------+
| Additional investment in | 23,199 | - | - | - |
| associate | | | | |
+--------------------------------+----------+----------+----------+----------+
| Share of (loss)/profit of | (6,131) | 1,151 | - | - |
| associates | | | | |
+--------------------------------+----------+----------+----------+----------+
| At 31 December | 33,409 | 16,341 | - | - |
+--------------------------------+----------+----------+----------+----------+
During the year, Hummingbird Oil Pte Limited, a subsidiary undertaking of the
Group, invested an additional GBP23,199,000 in Sevan Production General
Partnership. Hummingbird Oil Pte Limited owns 20% of the capital of Sevan
Production General Partnership (2007: 20%).
The gross results of the Group's associates, all of which are unlisted, and
their gross assets (including liabilities) are as follows:
+-----------------+---------------+---------+-------------+----------+---------------+----------+
| Name | Country of | Assets | Liabilities | Revenues | Adjusted | Interest |
| | incorporation | GBP'000 | GBP'000 | GBP'000 | Profit/(loss) | |
| | | | | | GBP'000 | |
+-----------------+---------------+---------+-------------+----------+---------------+----------+
| 2008 | | | | | | |
+-----------------+---------------+---------+-------------+----------+---------------+----------+
| Ten Degrees | Trinidad | 40,325 | (23,719) | 22,504 | (3,160) | 40.0% |
| North Energy | | | | | | |
| Limited | | | | | | |
+-----------------+---------------+---------+-------------+----------+---------------+----------+
| North Sea | Scotland | 86,917 | (65,655) | 27,329 | 7,854 | 49.9% |
| Infrastructure | | | | | | |
| Partners | | | | | | |
| Limited | | | | | | |
+-----------------+---------------+---------+-------------+----------+---------------+----------+
| Sevan | Singapore | 253,424 | (123,080) | 18,930 | (43,930) | 20.0% |
| Production | | | | | | |
| General | | | | | | |
| Partnership | | | | | | |
+-----------------+---------------+---------+-------------+----------+---------------+----------+
| | | | | | | |
+-----------------+---------------+---------+-------------+----------+---------------+----------+
| 2007 | | | | | | |
+-----------------+---------------+---------+-------------+----------+---------------+----------+
| Ten Degrees | Trinidad | 32,762 | (18,734) | 15,653 | 2,021 | 40.0% |
| North Energy | | | | | | |
| Limited | | | | | | |
+-----------------+---------------+---------+-------------+----------+---------------+----------+
| North Sea | Scotland | 89,791 | (78,273) | 4,114 | 1,138 | 49.9% |
| Infrastructure | | | | | | |
| Partners | | | | | | |
| Limited | | | | | | |
+-----------------+---------------+---------+-------------+----------+---------------+----------+
| Sevan | Singapore | 176,341 | (157,947) | - | (1,127) | 20.0% |
| Production | | | | | | |
| General | | | | | | |
| Partnership | | | | | | |
+-----------------+---------------+---------+-------------+----------+---------------+----------+
The accounting policies applied to investments in associates are disclosed under
Note 1. The Group's share of the results of its associates have been
consolidated after adjustments have been made to harmonise the DD&A accounting
policies of the associates with that of the Group.
Subsidiaries
+--------------------------------+----------+----------+----------+----------+
| | Group | Company |
+--------------------------------+---------------------+---------------------+
| | 2008 | 2007 | 2008 | 2007 |
+--------------------------------+----------+----------+----------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+----------+----------+----------+----------+
| At 1 January | - | - | 427,269 | 158,771 |
+--------------------------------+----------+----------+----------+----------+
| Investment reclassified as | - | - | - | (4,069) |
| inter-company loan | | | | |
+--------------------------------+----------+----------+----------+----------+
| Dissolution of subsidiary | - | - | (46,552) | - |
+--------------------------------+----------+----------+----------+----------+
| Additional investment in | - | - | 150,000 | 272,567 |
| subsidiaries | | | | |
+--------------------------------+----------+----------+----------+----------+
| At 31 December | - | - | 530,717 | 427,269 |
+--------------------------------+----------+----------+----------+----------+
During the year, the Company made an additional investment in Venture North Sea
Gas Limited of GBP150,000,000 and North Sea Gas Partners Limited was dissolved
GBP(46,552,000).
The Company's principal subsidiaries and joint venture undertakings at 31
December 2008 were as follows:
+------------------------------+--------------------+---------------+--------------+
| Name | Nature of business | Country of | Percentage |
| | | registration/ | of |
| | | incorporation | nominal |
| | | | share |
| | | | capital & |
| | | | voting |
| | | | rights |
+------------------------------+--------------------+---------------+--------------+
| Venture North Sea Oil | Oil and natural | Scotland | 100% |
| Limited | gas production | | |
+------------------------------+--------------------+---------------+--------------+
| Venture North Sea Gas | Oil and natural | Scotland | 100% |
| Limited | gas production | | |
+------------------------------+--------------------+---------------+--------------+
| Venture Production | Employee services | Scotland | 100% |
| (Services) Limited | | | |
+------------------------------+--------------------+---------------+--------------+
| Venture North Sea Gas | Oil and natural | England | 100% |
| Exploration Limited | gas exploration | | |
+------------------------------+--------------------+---------------+--------------+
| NSGP (Ensign) Limited | Oil and natural | Jersey | 100% |
| | gas development | | |
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