Updates

Venture Production - North Sea tax hike

January 2006

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Shares in Venture Production fell back after Chancellor Gordon Brown announced a 10% increase in North Sea tax to 50% in his pre-budget statement. Venture is one of the most exposed to this change, as its whole portfolio is now based in the North Sea and the shares may tread water for a while, with brokers likely to downgrade next year’s earnings by between 15-20%. Nevertheless, as the mid range for previous 2006 earnings forecasts was 100p-110p, we still think Venture should make 80-90p, which would leave the prospective PE at less than 6. Patient holders should still be rewarded, given that oil is resiliently holding at US$60 a barrel. Keep holding. ...

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Synergy Healthcare

Dana Petroleum - Faucon-1 well strikes oil

Venture Production - Falling gas prices trigger stop-loss (March 2007)

Venture Production (November 2006)

Venture Production - Acquisition of UK gas producer (September 2006)

Venture Production (August 2006)

Venture Production - Production ahead of guidance (June 2006)

Venture Production - Lowball production target should be thrashed (March 2006)

Venture Production - Oil & gas production hits 50,000 barrels per day (February 2006)

Venture Production - Acquires North Sea gas discovery (December 2005)

Venture Production (November 2005)

Venture Production - Step increase in oil & gas production should see earnings rocket (August 2005)

Venture Production - Another oil producer seeing huge growth (May 2005)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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