Shares in U.K. investor favourite Venture Production fell nearly 16 percent early Thursday after the company put down rumours it had received offers from other oil companies for a major share of equity.

The company had just announced that its mostly gas production and sales was keeping it buoyant compared to oil companies hit by low crude prices. Venture plans a capital spending drive of £300 million ($438 million) in 2009. The money will come from its own cash flow — up on nine percent more production in 2008, largely from the three new fields Chestnut, Stamford and Grouse.

Meanwhile, gas prices, though down from the highs of mid 2008, are still “at levels comparable to the winter of 2007-2008”, when consumers groups cried for help.

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