VentureProduction(VPC)isournewestholding。

ItreclaimsoilfromdatedNorthSeafields,whereitisnolongersufficientlyprofitableforoilmajorstooperate。

ThecashflowthereforeleavesmoreofanimprintonthebalancesheetofacompanyofVenture’ssize。

Thefirmbenefitsfromgoodrecoverytechniques,aswellasasoundunderstandingofthegeography。

Thisisatriedandtestedbusinessmodel,whichprovidesuswithalow-riskexposuretothesector。

Webelievegrowthwillcontinuetoimpress。

Venturetradesonap/eof8。

9andanestimatedyieldof1。

49%。

WeboughtAssura(AGR)backinApril。

Thebusinessharksbacktotheoldcottagehospitalofyesteryearbyshiftingsomeoftheresponsibilityofmainstreamhospitalsbackintothehandsofprimarycare。

AssuraleasesGPsurgeriesandclinicstotheNHS,providingagrowing,Government-backedannuitystream。

ItisalsoworkingwithGPstoreturncertainhealthcareservicestothelocalcommunity。

Thepotentialforthisdefensivebusiness,whichyieldsanestimated2。

5%,looksmostinteresting。

BatemanLitwin(BNLN)remainsanobviousplayonthelong-termenergystory。

Recently,thestockhasrisenstronglyamidaseriesofcontractwins,andcontinuestoprosperinabuoyantoil,gas,andenergyprocurementandconstructionmarket。

Highcommoditypriceshavealsolifteditsshareprice。

Theproceedsofarecentfundraisingarebeingusedtoacquireabioethanolfuel-technologyprovider。

ThisdealwilltransformBatemanintoamorecompleteenergyprovider,whilemaintainingitscoreexposuretotheoilandgasindustries。

Thedividendisexpectedtorisebyanestimated64%by2009。

Finally,InternationalPower(IPR)iswellpositionedinthecurrentenvironmentbecauseitisrelativelyimmunefrombroadermacroeconomics。

ThebulkofitsgrowthcontinuestocomefrompowergenerationandwaterdesalinationprojectsintheMiddleEast。

Theseprojectsarebasedonlong-termcontractswithstablereturns,unaffectedbyelectricitypricemovements。

Despitefirst-halffiguresbeatingconsensus,webelievethereisstillgrowthpotentialtobeunlockedinitsprojectpipelineandtherecentlyacquiredTrinergywindassets。

ThestocksJulianChillingworthlikes

Stock,12mthhigh,12mthlow,Now

Aggreko,611。

75p,259p,491。

75pVentureProduction,917。

50p,612p,752pAssura,250p,152。

75p,166pBatemanLitwin,330p,138。

25p,300pInternationalPower,472。

25p,297。

25p,402p

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