VPC Venture Prod.

 

TIDMVPC 
 
RNS Number : 0398U 
Venture Production plc 
17 June 2009 
 

17 June 2009 
 
 
VENTURE PRODUCTION plc 
 
 
Venture Welcomes Takeover Panel Deadline 
 
 
Venture Production plc ("Venture" or "the Company"), the Aberdeen headquartered 
UK independent oil and gas production company welcomes today's announcement by 
the Takeover Panel Executive that it has imposed a deadline of 5.00pm on 13 July 
2009, by which Centrica plc ("Centrica") must, unless the Takeover Panel 
Executive consents otherwise, either announce a firm intention to make an offer 
for Venture under Rule 2.5 of the Takeover Code (the "Code") or announce that it 
does not intend to make an offer for Venture. 
 
 
If Centrica announces that it does not intend to make an offer for Venture, 
Centrica and any person acting in concert with it will, except with the consent 
of the Takeover Panel Executive, be bound by the restrictions contained in Rule 
2.8 of the Code for six months from the date of such announcement. 
 
 
Prior to Venture's request that the Takeover Panel Executive impose a "put up or 
shut up" deadline, the Chairman and Chief Executive of Venture met with their 
respective counterparts at Centrica at which no firm offer was forthcoming. By 
13 July, Centrica will have had nearly four months to put forward a firm offer 
and Venture's Board believe it is in the interests of the Company and its 
shareholders that this period of protracted uncertainty is brought to an end. 
 
 
Since the start of the Offer Period on 18 March, Venture has made substantial 
progress in delivering upon its stated strategy including: 
 
 
  *  Average production of approximately 53,400 boepd for the first five months of 
  2009, up 17% over the same period last year; 
  *  Successful appraisal of the Cygnus gas field; 
  *  Successful exploration well on Carna; 
  *  Tie-in of the second Chestnut production well; and 
  *  Successful Kew appraisal well 
 
 
 
As a result, at the end of March 2009, Venture reported a 12% increase to year 
end total proven and probable reserves to approximately 240 million barrels of 
oil equivalent ("MMboe"). This increase in Venture's reserves is supported by an 
independent assessment by DeGolyer and McNaughton. 
 
 
Alongside the excellent operational progress made by Venture, the external 
market environment has improved materially: 
  *  Commodity prices have increased significantly during this period; and 
  *  In the recent Budget the UK Government has introduced new tax allowances which 
  will be beneficial for our portfolio of undeveloped oil and gas fields. 
 
 
 
This operational performance and the improved external market backdrop reaffirms 
the Board's belief that the current strategy and proven track record of 
management will result in the continued delivery of growth. The Company is 
focused on maintaining its position as one of the largest independent producers 
of oil and gas in the North Sea, by acquiring, developing and bringing into 
production discovered but undeveloped or 'stranded' oil and gas fields. The 
Board of Venture therefore believes the Company has an excellent future as an 
independent company and therefore welcomes the Panel's ruling. 
 
 
This announcement has not been made with the consent of Centrica and there can 
be no certainty that an offer will be made. 
 
 
Venture is being advised by Rothschild, Lambert Energy, UBS and Oriel Securities 
in relation to this matter. 
 
 
 
 
Enquiries: 
 
 
+-----------------------------------------------+--------------------------+ 
| Venture Production plc                        | 01224 619000             | 
| Mike Wagstaff, Chief Executive                | 020 7404 5959            | 
| Peter Turner, Finance Director                | 07770 886912             | 
| Patrick Handley, Brunswick                    |                          | 
| John MacDonald (Scottish Press)               |                          | 
|                                               |                          | 
+-----------------------------------------------+--------------------------+ 
 
 
 
 
 
 
A copy of this announcement may be viewed at www.venture-production.com 
 
Dealing Disclosure Requirements: 
 
 
Under the provisions of Rule 8.3 of the Takeover Code, if any person is, or 
becomes, "interested" (directly or indirectly) in 1% or more of any class of 
"relevant securities" of Venture, all "dealings" in any "relevant securities" of 
that company (including by means of an option in respect of, or a derivative 
referenced to, any such "relevant securities") must be publicly disclosed by no 
later than 3.30 p.m. (London time) on the London business day following the date 
of the relevant transaction. This requirement will continue until the date on 
which the offer becomes, or is declared, unconditional as to acceptances (or, 
implemented by a scheme of arrangement, such scheme becomes effective), lapses 
or is otherwise withdrawn or on which the "offer period" otherwise ends. If two 
or more persons act together pursuant to an agreement or understanding, whether 
formal or informal, to acquire an "interest" in "relevant securities" of 
Venture, they will be deemed to be a single person for the purpose of Rule 8.3. 
 
 
Under the provisions of Rule 8.1 of the Takeover Code, all "dealings" in 
"relevant securities" of Venture by Venture, Centrica, or by any of their 
"associates", must be disclosed by no later than 12.00 noon (London time) on the 
London business day following the date of the relevant transaction. 
 
 
A disclosure table, giving details of the companies in whose "relevant 
securities" "dealings" should be disclosed, and the number of such securities in 
issue, can be found on the Takeover Panel's website at 
http://www.thetakeoverpanel.org.uk/new/. 
 
 
"Interests in securities" arise, in summary, when a person has long economic 
exposure, whether conditional or absolute, to changes in the price of 
securities. In particular, a person will be treated as having an "interest" by 
virtue of the ownership or control of securities, or by virtue of any option in 
respect of, or derivative referenced to, securities. 
 
 
Terms in quotation marks are defined in the Takeover Code, which can also be 
found on the Panel's website. If you are in any doubt as to whether or not you 
are required to disclose a "dealing" under Rule 8, you should consult the Panel. 
 
______________________________________________________________________ 
The Directors of Venture accept responsibility for the information contained in 
this announcement. To the best of knowledge and belief of the Directors, who 
have taken all reasonable care to ensure such is the case, the information 
contained in this announcement is in accordance with the facts and does not omit 
anything likely to affect the import of such information. 
N M Rothschild & Sons Limited ("Rothschild"), who is authorised and regulated by 
the Financial Services Authority in the United Kingdom, is acting as financial 
adviser to Venture and no one else in connection with the matters set out in 
this announcement and will not be responsible to anyone other than Venture for 
providing the protections afforded to clients of Rothschild or for providing 
advice in relation to the proposed Offer. 
Lambert Energy, who is authorised and regulated by the Financial Services 
Authority in the United Kingdom, is acting as financial advisor to Venture and 
no one else in connection with the matters set out in this announcement and will 
not be responsible to anyone other than Venture for providing the protections 
afforded to clients of Lambert Energy or for providing advice in relation to the 
proposed Offer. 
UBS Investment Bank, who is authorised and regulated by the Financial Services 
Authority in the United Kingdom, is acting as financial advisor and broker to 
Venture and no one else in connection with the matters set out in this 
announcement and will not be responsible to anyone other than Venture for 
providing the protections afforded to clients of UBS Investment Bank or for 
providing advice in relation to the proposed Offer. 
Oriel Securities, who is authorised and regulated by the Financial Services 
Authority in the United Kingdom, is acting as financial advisor and broker to 
Venture and no one else in connection with the matters set out in this 
announcement and will not be responsible to anyone other than Venture for 
providing the protections afforded to clients of Oriel Securities or for 
providing advice in relation to the proposed Offer. 
_______________________________________________________________________________ 
___________ 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCGUUMUQUPBGUM 
 

Venture Production (LSE:VPC)
Historical Stock Chart
From May 2024 to Jun 2024

Venture Production (LSE:VPC)
Historical Stock Chart
From Jun 2023 to Jun 2024