Endeavour Announces Production Facilities Agreement for UK Columbus FieldBy Endeavour International Corporation, PRNE
Monday, June 14, 2010
LONDON, June 15, 2010 - Endeavour International Corporation (LSE: ENDV) (NYSE-Amex: END)
announced today that an agreement has been reached for production facilities
for the Columbus field in Blocks 12/16f and Block 23/16f under development in
the United Kingdom sector of the Central North Sea. Endeavour holds a 25
percent interest in the field, which is expected to begin producing in the
second half of 2012.
"This agreement is a critical milestone as it adds considerable certainty
that production from the Columbus field will begin on our current timetable,"
said William L. Transier, chairman, chief executive officer and president.
"Access to production infrastructure remains an ongoing issue for many
independent operators in the UK North Sea; however, this agreement is an
indication of the progress that can be achieved towards the monetization of
Under the agreement, BG International Limited will carry out Front End
Engineering and Design work (FEED) for a Bridge Linked Platform (BLP) that
will connect Columbus production to the Lomond field and provide gas and
condensate reception facilities. The cost of the FEED and BLP will be shared
between the license holders of the Columbus field and adjacent interest
owners in Block 23/21, where the field has been shown to extend. Separately,
it has been agreed, that the cost of Columbus subsea facilities will be
shared between the license holders of both blocks, with a new Columbus Field
Development Plan (FDP) to be submitted to the UK Department for Energy and
Work on the FEED is already underway and is expected to be completed in
the third quarter of 2010, concurrent with FDP preparation and submission.
processing host and export point for Columbus produced fluids are at an
advanced stage. Project sanction is scheduled for the end of 2010.
The Columbus field was discovered in 2006 and subsequently appraised in
2007 through the drilling of two additional wells. Partners in the field
include the operator, Serica Energy (UK) Limited, with a 50 percent interest
and EOG Resources United Kingdom Limited, which holds a 25 percent interest.
Endeavour International Corporation is an oil and gas exploration and
production company focused on the acquisition, exploration and development of
energy reserves in the North Sea and the United States. For more information,
Certain statements in this news release should be regarded as
"forward-looking" statements within the meaning of the securities laws. These
statements speak only as of the date made. Such statements are subject to
assumptions, risk and uncertainty. Actual results or events may vary
materially. The estimates of recoverable resources per well and completed
well costs included herein are based upon other typical results in these
shale plays and may not be indicative of actual results.
Investor Relations, Mike Kirksey of Endeavour International Corporation, +44-(0)-207-451-2364, +1-713-307-8788; or UK Media, Philip Dennis, +44-(0)-20-7337-1516, or Henry Lerwill, +44-(0)-20-7337-1526, both of Pelham Bell Pottinger
Tags: Endeavour International Corporation, June 15, London, United Kingdom