Aberdeen-based UK independent oil and gas production company Venture Production PLC (LSE: VPC) said it has agreed to acquire Lundin Petroleum BV's 1.8 percent stake in NOGAT BV for €9 million in cash.
NOGAT is a private company incorporated in the Netherlands. It owns the NOGAT pipeline and onshore gas processing terminal at Den Helder. The pipeline connects the Dutch continental shelf with the gas plant and terminal facilities at Den Helder.
Acquisition of Lundin's interest in these key Dutch infrastructure assets not only brings Venture a tariff income stream but also ensures that future production from Venture's F3-FA, A15a and B17a discoveries will pay a reduced export tariff. Completion of the stake purchase is expected to occur during the third quarter of 2009.http://www.proactiveinvestors.co.uk
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