Venture retains an economic interest in its Trinidadian assets through a 40% equity stake in TDN and it will appoint a representative to the Board of the new company. Venture will cease to have any direct operational involvement in Trinidad, consistent with its corporate focus on expanding its UKCS business.
Commenting on the completion of the transaction, Mike Wagstaff, Chief Executive, said:
'I am very pleased to announce completion of a deal which sees us rationalize our business to be 100% UK focused, yet at the same time allows us to retain a material interest in the upside generated by Trinidadian assets. These assets were the bedrock of Venture and without them we would not have been able to build the business we have today. We believe that attractive development opportunities still exist in Trinidad and I look forward to Ten Degrees North positioning itself to take advantage of them as a new local independent energy company'.
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