Endeavour Announces First Production at the Bacchus Development

abarrelfullabarrelfull wrote on 01 May 2012 08:15
Tags: endeavour europe north-sea uk upstream

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Endeavour International Corporation (NYSE: END) (LSE: ENDV) today announced production from the first development well on the Bacchus Field located in Block 22/06a in the U.K. Central North Sea.

Initial production rates over the first five days were approximately 6,000 gross barrels of oil per day. Endeavour has a 30% interest in Bacchus. When the full field development is completed and on-line, the Company will be able to provide reliable long-term sustainable production estimates. Further detail regarding the initial production performance for this first well will be discussed during the Company's first quarter conference call.

"We are very pleased with the well performance from our first development well at Bacchus," said William L. Transier, chairman, chief executive officer and president. "We are now focused on the second of the development wells and we look forward to having the full development program completed as the year progresses."

The second development well commenced drilling on April 20, 2012. It is expected that this well will be on production early in the third quarter.

The Bacchus development is operated by Apache Corporation. The Field Development Plan was approved by the Department of Energy and Climate Change in June 2010.

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