Endeavour Closes Bacchus Transaction

abarrelfullabarrelfull wrote on 02 Aug 2012 20:24

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Feb. 24, 2011

Endeavour International Corporation (NYSE Amex: END) (LSE: ENDV) today announces that its wholly owned subsidiary, Endeavour Energy U.K. Ltd., has received all the approvals necessary to finalize the acquisition of an additional 20% working interest in the Bacchus field in the North Sea from Shell U.K. Limited. As a result of the transaction, Endeavour has a total working interest of 30% in the project. The Field Development Plan (FDP) was approved in June 2010 and first oil is expected in mid 2011.

The Bacchus project remains on schedule and is expected to produce approximately 4,000 - 5,000 barrels of oil per day net to Endeavour when fully on production. The pipeline riser has been installed on the Forties Alpha platform and the 6.5 kilometer subsea bundled pipeline construction has been completed. The pipeline, complete with its end manifolds, are scheduled for launch from Wick on the East coast of Scotland in early March.

"This additional investment in Bacchus represents significant oil production for the company in 2011," said William L. Transier, chairman, chief executive officer and president. "Bacchus is the first in a series of development projects that will provide substantial growth for the company over the next few years."

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