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Venture wins $410M in 3i, ArcLight investment

Published Jul 19, 2007

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Aberdeen market favourite Venture Petroleum is in for a £200-million ($410.5-million) investment by 3i and energ investor ArcLight Capital Partners in exchange for a 10-percent share that’ll put the institutions in the boardroom.

Venture was long ago given a capital boost by 3i investment, and extra funds will now assist a North Sea campaign of acquisition reported on yesterday by OilGas24.com.

As part of the deal, Venture will debt finance and issue £151 million in 3.25-percent bonds due in 2010 but convertible after six months into shares.

Venture will also swap six million shares for ArcLight’s North Sea Gas Partners interest.

 

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