Endeavour Enters Into Agreement to Purchase a 20% Interest in UK Bacchus DevelopmentBy Endeavour International Corporation, PRNE
Monday, November 22, 2010
HOUSTON, November 23, 2010 - Endeavour International Corporation (NYSE Amex: END) (LSE: ENDV) today
announces that its wholly owned subsidiary Endeavour Energy UK Ltd. has
signed a definitive agreement to acquire an additional 20% working interest
in the North Sea Bacchus development. This transaction represents a purchase
of 3.5 million barrels of oil reserves for a cash consideration at closing of
$9.57 million and $6.38 million three months after first oil. Closing is
subject to customary government and partner approvals and is targeted to be
completed by year-end.
The Bacchus development, operated by Apache Corporation, is a three well
subsea development with a tie back to the Forties Alpha platform. The project
has received FDP approval and is expected to have first oil in mid 2011.
Construction of subsea components is underway. This brings Endeavour's total
working interest in the project to 30%.
The company also announces that it has acquired a 30% interest in Block
21/9 containing the Val d'Isere exploration prospect, as part of the same
transaction. Block 21/9 is located near the Forties and Bacchus developments.
William L. Transier, chairman, chief executive officer and president
said, "Adding the twenty percent working interest to our existing position in
Bacchus strengthens Endeavour's position in a proven near-term oil play. Once
fully operational, Bacchus is expected to produce approximately 5,000 barrels
of oil per day net to Endeavour and generate significant cash flow that will
contribute to the acceleration of our portfolio worldwide."
Endeavour International Corporation is an oil and gas exploration and
production company focused on the acquisition, exploration and development of
oil and natural gas in the North Sea and the United States. For more
information, visit endeavourcorp.com.
Certain statements in this news release should be regarded as
"forward-looking" statements within the meaning of the securities laws. These
statements speak only of as of the date made. Such statements are subject to
assumptions, risk and uncertainty. Actual results or events may vary
Investor Relations, Mike Kirksey, +44-(0)207-451-2350, or +1-713-307-8788, or Darcey Matthews, +1-713-307-8711, both of Endeavour International Corporation; or UK Media, Philip Dennis, +44-(0)207-861-3919, or Henry Lerwill, +44-(0)207-861-3169, both of Pelham Bell Pottinger, for Endeavour International Corporation
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