August 24, 2009 / 6:53 AM / 9 years ago

UPDATE 1-Venture Production farms in to 3 UKCS blocks

* Announces farm-in pact for 3 blocks in southern North Sea

* To take 60 pct interest in UKCS blocks 43/9, 43/10, 44/6

(Adds details)

LONDON, Aug 24 (Reuters) - Venture Production Plc VPC.L, the oil and gas company fighting off a takeover approach from Centrica Plc (CNA.L), announced on Monday a farm-in agreement covering three blocks in the southern North Sea.

Venture will pay for a 3D seismic survey to start in September in exchange for a 60 percent working interest in UKCS (UK Continental Shelf) blocks 43/9, 43/10 and 44/6.

Following the farm-in, PA Resources UK Ltd PAR.OL will hold a 32 percent working interest and Spyker Energy an 8 percent stake in the same acreage.

The initial focus of the survey will be the Kennett lead which lies to the north west of the large undeveloped Cygnus gas field in which Venture holds a 48.75 percent working interest.

“Following the success of both our 2009 appraisal wells on Cygnus we are very pleased to have the opportunity to expand our acreage in the adjoining area,” said Venture Chief Executive Mike Wagstaff.

Centrica, Britain’s largest utility, last month offered $2 billion or 845 pence per share for Venture, which was rejected by management. It has extended the deadline to Aug. 28. [ID:nLD47344]

Reporting by Julie Crust; Editing by Cecilia Valente

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