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Strategies & Market Trends : Bosco & Crossy's stock picks,talk area

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To: Ed Ajootian who wrote (34032)	3/18/2009 8:23:14 AM
From: Crossy	Read Replies (1) of 37387

re: North Sea (re:END) - Centrica buys 22% of VPC.L Well, yesterday VPC.L reported their preliminary annual results for FY2008. Didn't contain any negative surprise. For starters, Venture (VPC.L) is one of the bigger independents, producing now above 40.000boepd and they are Endeavour's (Amex: END)partner in the formidable CYGNUS development project. Well, today - it turns out that CENTRICA (British Gas) bought a 22% stake in Venture and may be mulling an outright offer for VPC.L and the price of Venture shot up 25%. Now this is already a "bigger cap" firm. Obviously, CENTRICA isn't going after Venture's production so much but way more after Venture's GAS DEVELOPMENT projects given the chronic shakiness of Russian supply. Now I'm really wondering, what this intersting turn of events is going to mean for Endeavour best rgrds, CROSSY uk.biz.yahoo.com Wednesday March 18, 12:13 PM Centrica buys 22% of Venture Production LONDON (ShareCast) - Centrica (LSE: CNA.L - news) has paid almost £240m for a 22% stake in oil producer Venture Production and may buy more. The British Gas owner bought just over 33m shares at 725p each, a 25% premium to last night's closing price. That lifts its total interest to 33.4m shares, or 22.3% of the business. "Centrica is considering its options in relation to Venture, which could include making a possible cash offer for Venture," it said in a short statement Wednesday. "There can be no certainty that an offer will ultimately be made by Centrica for Venture. Only yesterday, Venture said higher production volumes and commodity prices pushed profits up 82% in the year. Pre-tax profit rose to £184.2m in 2008 from £101.2m the year before as revenue rose 38% to £494.9m thanks to substantially higher oil prices especially in the first half of the year and strong UK gas markets.

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