Need to Know: Venture Boost toNorth Sea Assets

VENTURE Production, the Aberdeen-based oil company which specialises in buying up discovered but undeveloped oil & gas assets in the North Sea, continued its acquisition drive, spending GBP 14.8 million to increase its interest in four gas discoveries by 13.75 per cent to 48.75 per cent.

Chief executive Mike Wagstaff said one of the assets, Cygnus, could be the largest remaining southern North Sea gas discovery.

Analysts said the deal was sensible but shares fell to the lowest level since late 2005 as oil prices kept tumbling.

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