Venture Production
 | |
| Private | |
| Industry | Energy |
| Founded | 1997 |
| Headquarters | Aberdeen, Scotland, UK |
Key people | Mark Hanafin, Chairman |
| Revenue | £494.9 million (2008) |
| £231.1 million (2008) | |
| £76.7 million (2008) | |
| Parent | Centrica |
| Website | www.venture-production.com |
Venture Production ltd was a leading British-based oil and gas exploration and production business. Its activities were focused on the North Sea. It was a constituent of the FTSE 250 Index, but was delisted following Centrica's purchase of the company in August 2009.[1][2]
History
The company was formed in 1997 by Larry Kinch, Bruce Dingwall CBE & Dave Neely to exploit oil and gas reserves in the North Sea.[3] It was first listed on the London Stock Exchange in 2002 and delisted in 2009. In 2008 it acquired six proven but undeveloped gas assets from Tullow Oil.[4]
It was sold to Centrica in 2009 after a hostile takeover for £1.3 billion. Management fought for the company as they believed it was valued higher than the 845p a share offer.
Operations
The company's strategy was to develop stranded fields, i.e., fields that were too small to be economic for large companies, needed significant investment or did not fit the strategy of the existing owners. It undertook activities in oil fields and in gas fields.
References
- ↑ "Venture offer - Centrica achieves 58.7 per cent. level". Centrica Plc. 24 August 2009.
- ↑ "Venture offer - Application for delisting and cancellation of trading of Shares". Centrica Plc. 3 September 2009.
- ↑ Dingwall set to hit Whisky Trail The Scotsman, 5 November 2005
- ↑ Sharewatch: Venture Production