Shares digital

Venture Production has agreed to acquire the interests of Tullow Oil in certain North Sea gas fields.

Venture will pay £35 million pounds in cash, the companies said in separate statements. Shares nudged up 5p, or 1% in early trade to 632.5 pence.

The deal involves Tullow's interests in 10 blocks which has estimated recoverable reserves of about 266 billion cubic feet of gas, net to Venture.

The fields are located near the Caister Murdoch System, one of the main gas export hubs in the southern North Sea. The transaction is expected to be completed by the end of May.