Venture Production Outlines Rejection Of Centrica Offer
July 24 2009 - 7:55AM
Dow Jones News
Venture Production PLC (VPC.LN), the Aberdeen-based U.K.
independent oil and gas company, is Friday posting a circular to
shareholders explaining why it believes shareholders should reject
Centrica Resources (U.K.) Limited's (CNA.LN) offer adding that the
offer substantially undervalues Venture.
MAIN FACTS:
-Venture has high quality oil and gas reserves and resources
with significant upside potential and a strong operational
capability.
-Venture has financial strength and technical expertise already
in place to continue to develop the upside within our
portfolio.
-Offer does not fairly reflect the value of Venture's reserves,
nor the significant going concern value of Venture or the key
strategic value that it offers Centrica.
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com
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