Venture acquires interest in NOGAT BV

Venture Production has acquired Lundin Petroleum’s 1.8% shareholding in NOGAT BV for a cash consideration of €9 million ($12.6 million).

Offshore staff

ABERDEEN -- Venture Production has acquired Lundin Petroleum’s 1.8% shareholding in NOGAT BV for a cash consideration of €9 million ($12.6 million). NOGAT BV is a private company incorporated in the Netherlands, which owns the NOGAT pipeline and onshore gas processing terminal at Den Helder. The pipeline is operated by GDF Suez on behalf of the shareholders of NOGAT BV.

Completion of the transaction is subject to pre-emption and regulatory and customary third party approvals. Completion is expected during the third quarter.

“This transaction will materially enhance the economics of several of our undeveloped
Dutch gas discoveries, including the F3-FA development that is already under way,” says Mike Wagstaff, Venture’s chief executive. “We view NOGAT BV as a well-run and efficient business and the NOGAT pipeline is a major part of the Dutch offshore infrastructure.”

06/23/2009

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