 |
Media Information 4th October 2005 |
EGM Result
Following the extraordinary general meeting of the Company held today in Aberdeen, it is announced that the resolution to approve the sale of Venture Production (Trinidad) Limited and its subsidiaries to Ten Degrees North Energy Limited, a Trinidadian company, was passed. Proxy votes had been cast as follows:
|
|
No. |
Shares |
% |
|
For/Discretionary |
173 |
65,144,455 |
99.00 |
|
Against |
1 |
452,669 |
0.70 |
|
Abstentions |
4 |
185,846 |
0.30 |
|
Totals |
178 |
65,782,970 |
100.00 |
Commenting on the result, Mike Wagstaff, Chief Executive of Venture, said:
"Venture's operational withdrawal from Trinidad, as overwhelmingly endorsed by our shareholders, will allow the Company to focus completely on the UK sector of the North Sea. Through our investment in Ten Degrees North Energy Limited, we will retain exposure to the upside potential of the Trinidadian business. We anticipate that the transaction should be completed by the end of the year."
Enquiries
Venture Contacts
Mike Wagstaff, Chief Executive 01224 619000
Jon Murphy, Chief Operating Officer 01224 619000
Brunswick Contacts
Patrick Handley 020 7404 5959
Chris Blundell 020 7404 5959