UPDATE 1-Venture CEO tells Centrica to pay above 900p/shr

* Venture looking for significantly more than 845p/shr

* Venture says Centrica bid offers no premium at all

(Adds company comment, detail)

By Rhys Jones

LONDON, July 12 (Reuters) - The chief executive of North Sea gas producer Venture Production (VPC.L) said its shareholders were looking for "significantly in excess" of the 845 pence a share takeover offer made by Centrica (CNA.L) on Friday.

"The feedback we have got from shareholders, both the institutional ones and the significant ones on our board, suggests that many of them are looking for significantly above 900 pence," Mike Wagstaff told Reuters in an interview on Sunday.

On Friday, Britain's largest gas retailer, Centrica Plc, which owns 29 percent of Venture, offered to buy the rest of Venture for 845 pence a share, valuing the oil and gas explorer at around 1.3 billion pounds ($2.11 billion).

Venture rejected the bid, saying the offer substantially undervalued the company.

In March, Centrica bought a 22 percent stake in Venture for 725 pence a share and said it was considering making a cash offer for the company.