Venture Production Joins London Stock Exchange
Trading in the shares of Venture Production plc, the Aberdeen-based oil and gas production company, will commence on March 19th on the main market of the London Stock Exchange, under the ticker VPC.L.
The flotation follows a placing of the company's shares which was substantially over-subscribed, and which raised over £32 million of new capital towards the enlargement and development of the business. The company will be capitalized at approximately £183 million, at the placing price of 170p per share, when the shares commence trading this morning.
Investec Henderson Crosthwaite acted as advisers to the company and sponsors of the placing.
John Morgan, Chairman, Venture Production, said: 'This is an exciting day for everyone at Venture, and a new chapter in the growth of our business. Since its inception in 1996, our company has combined the best of British enterprise, innovation and technology to become a significant independent operator in the North Sea and Trinidad
Venture is proof of the importance of focused niche players in mature areas of the upstream oil and gas industry and their emerging appeal to investors. Our strategy and track record of exploiting stranded oil reserves in our areas of focus have already proven successful in creating value, and public listed status will allow a wider group of shareholders the opportunity to participate in future value creation.'
Bruce Dingwall, Chief Executive, Venture Production, said: 'I am delighted that investors have responded so favorably to the clarity of Venture's strategy.
The proceeds of the placing will allow us to accelerate the development of the company both in developing our assets, particularly the Sycamore field in the North Sea, and in securing the acquisition of further suitable assets.
This is also a special day for every member of staff at Venture. Everyone at the company in Scotland and in Trinidad has worked tremendously hard to bring us to the start of our next phase of growth. I am very proud to work with such a dedicated group of people.'