Venture Urges Shareholders to Say Nay to Centrica's Offer

The Board of Venture Production notes the announcement by Centrica Resources (of the level of acceptances it has received by the first closing date for its offer and the extension Centrica has now made.

The Board of Venture continues to believe that Centrica's opportunistic final offer substantially undervalues Venture. The Board of Venture continues to recommend that shareholders reject the Centrica Offer.

John Morgan, Chairman of Venture commented, "Only by rejecting Centrica's offer and making it lapse will shareholders have the opportunity to realise the real value of their investment, whether by forcing Centrica to pay a fair price or through the continuation of the Board's strategy to exploit the Company's unique portfolio of assets in the North Sea.

"My message to shareholders remains clear -- do not sell your shares on the cheap to Centrica. Venture is worth substantially more than 845p per share. Shareholders should not sign any document which Centrica or its advisers send to them."