13th Nov 2007 07:01
Venture Production PLC13 November 2007 13th November 2007 VENTURE PRODUCTION plc Oversubscription of Syndicated Bank Facilities Venture Production plc, the Aberdeen based independent oil and gas productioncompany, today announces that it has successfully completed the syndication ofits Senior Bank Facilities to a syndicate of eleven banks. Barclays Bank plcunderwrote and were Bookrunner for the Bank Facilities and Lloyds TSB Bank plcand The Royal Bank of Scotland Group plc were Mandated Lead Arrangers. Despitedifficult credit market conditions, demand for the facility was strong and hasallowed Venture to increase the size of the facilities to £365 million. Asannounced on 30 August 2007, Venture has also raised $424 million and £25million through a privately placed Senior Loan Note and therefore theoversubscription of the Senior Bank Facilities takes Venture's total Senior DebtFacilities to £600 million. Marie-Louise Clayton, Finance Director, said "We are delighted to have achievedsuch a successful syndication in a difficult market. Venture has put in place astrong syndicate of banks that have the capacity and appetite to support thedynamic growth of our business." ENDS Contact: Mike Wagstaff, Chief ExecutiveMarie-Louise Clayton, Finance DirectorDoug Fleming, Business Development ManagerVenture Production plc, 01224 619 000 Patrick Handley, Brunswick 0207 404 5959 John MacDonald, Weber Shandwick 01224 806 600 Notes to Editors Venture Production plc - Venture Production plc is a FTSE 250 listed oil and gas producer based in Aberdeen with offices in London and Hoofdorp in the Netherlands. - Market capitalisation - £1 billion - Venture has production and development fields in both the UK and Dutch sectors of the North Sea with total Proved and Probable Reserves of 221.5 million barrels of oil equivalent at 31 December 2006 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
RBS.L