Endeavour Announces Approval of UK Field Development Plan

abarrelfullabarrelfull wrote on 02 Aug 2012 20:40

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June 30, 2010

Endeavour International Corporation (NYSE-Amex: END) (LSE: ENDV) announced today that the United Kingdom Department of Energy and Climate Control (DECC) has approved plans for the development of the Bacchus oil field in Block 22/6a in the Central North Sea. Endeavour holds a 10 percent interest in the 2005 discovery.

"We are pleased that the energy minister has accepted our group's plan to develop the Bacchus field," said William L. Transier, chairman, chief executive officer and president. "This is the first approval of four field development plans that Endeavour has submitted for review by the UK government, and we are encouraged that the other three projects will be approved over the next 12 months."

The plan calls for a subsea development with three wells to be drilled and linked to production facilities at the nearby Forties Field, the largest oil field in the North Sea operated by Apache Corporation. Apache also operates and holds a 70 percent working interest in the Bacchus development with the remaining 20 percent interest held by Shell UK. First production is planned for the first half of 2011.

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