Venture Production Urges Holders Not To Take Centrica Offer
August 21 2009 - 11:11AM
Dow Jones News
Venture Production PLC (VPC.LN), the North Sea focussed oil and
gas company, Friday urged shareholders not to accept the offer by
Centrica Resources (U.K.) Limited (CNA.LN) for Venture or to tender
or sell their shares to Centrica.
MAIN FACTS:
-Venture believes that the Centrica Offer should be seen in the
context of Venture's strong operational and financial performance
during the year to date and the recent improvement in both the
equity markets and the commodity price environment.
-During the first half of 2009 Venture has added materially to
its reserves base, with five out of seven gas exploration appraisal
wells drilled being commercially successful and increased
production by 16% to 52,988 boepd (first half 2008 - 45,534
boepd)
-Venture has also demonstrated the attractiveness and value of
its portfolio with the conditional agreement to divest certain of
its assets to N.V. Nuon Energy at a value which represents$16.9 per
proved and probable barrel of oil equivalent reserves
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com
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