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Endeavour International Corporation on Thursday announced the appointment of Catherine Stubbs as Chief Finance Officer. Stubbs, who has been with the US oil and gas company since it was founded in 2000, will begin effective immediately. "I have had the pleasure of working with Cathy for over twenty years and she has been with Endeavour since the company was founded," said William L. Transier, Chief Executive Officer. "With her experience and understanding of our business, she is the right person to lead our financial team." Stubbs has more than 20 years of experience in financial management in the energy industry, most recently serving as Senior Vice President in finance for Endeavour. She started her financial career with KMPG and has also worked for Ocean Energy. Endeavour is focused on the acquisition, exploration and development of energy reserves in the North Sea and United States.
The group is preparing to move the Transocean Prospect rig to the West Rochelle area to begin drilling the second production well in order to start-up the Rochelle development. It will take an estimated 120 days to drill. "Once the investigation and fatigue analysis are concluded, the company anticipates that drilling operations will re-commence at East Rochelle," Endeavour said. Endeavour is the operator of the Rochelle development and has a 44% working interest in the field located in Blocks 15/26b, 15/26c and 15/27.
Endeavour International Corporation has suspended drilling operations on the East Rochelle oil well in the UK Central North Sea following a severe storm. The storm, which lasted several days, removed the cement around the top of the 36-inch conductor pipe, which anchors the well to the seabed floor. It created a non-uniform hole around the conductor, extending about four to five feet in diameter and 25 feet in depth. "As a result of this finding, drilling operations have been suspended on the East Rochelle well," the group said. "The company is conducting a thorough analysis to identify the cause of the cement loss and evaluate if there has been any potential fatigue damage to the conductor itself. The work to repair the cementing around the conductor pipe has been completed."
"This acquisition increases our current ownership interest in the Alba Field, a late Eocene reservoir that has been producing since 1994. Additionally, we add ownership interests in the MacCulloch and Nicol fields. We believe these fields have valuable upside potential," said William L. Transier, chairman, chief executive officer and president. "The production from these Central North Sea fields is almost 100% oil, which will generate a large increase in cash flow to Endeavour and provides a mechanism to accelerate the recognition of our current U.K. tax benefits of almost $300 million after this acquisition. This transaction, which our team has been working on since the beginning of this year, adds significantly to our two existing U.K. development projects, which are estimated to start production during 2012. Upon completion of this transaction and after the start-up of Bacchus and the Greater Rochelle development projects, Endeavour will become one of the largest independent producers in the U.K. North Sea."
Endeavour Announces Acquisition of UK Producing... Endeavour Announces Acquisition of U.K. Producing Assets -- Acquired assets have current daily production of approximately 10,000 barrels of oil equivalent per day (boepd) -- 2P reserve additions in excess of 33 million barrels of oil equivalent (mmboe) HOUSTON, Dec. 28, 2011 -- Endeavour International Corporation (NYSE: END) (LSE: ENDV) today announced that its subsidiary, Endeavour Energy UK Limited, has entered into a purchase and sale agreement to acquire ConocoPhillips' interest in three producing U.K. oil fields in the Central North Sea for $330 million, including approximately $94 million of tax attributes. Current net production from this asset group is approximately 10,000 boepd. Endeavour estimates of proved and probable reserves ("2P reserves") as of June 30, 2011 are in excess of 33 mmboe.
http://www.investegate.co.uk/Article.aspx?id=20111228070000P2FB5
"During the second quarter financial results were as expected, while we made substantive progress on our U.K. development projects and our U.S. Haynesville unconventional gas play. Adding to this progress, our announced strategic acquisition of acreage and infrastructure gives us exposure to 1.0 to 1.3 trillion cubic feet of gross recoverable natural gas resource potential in the Marcellus area. We are confident that the balanced portfolio can deliver significant growth in both oil and natural gas production in the near-term," said William L. Transier, chairman, chief executive officer and president. "During July, the Company enhanced its flexibility and growth potential by adding approximately $100 million in available liquidity in addition to funding the $110 million needed for the Marcellus acquisition. The additional capital provides the resources to take advantage of opportunities for growth from existing and emerging parts of our portfolios, while also providing liquidity in case of any unforeseen events."
HOUSTON, Aug. 3, 2011 -- Endeavour International Corporation (NYSE: END) (LSE: ENDV) today reported adjusted EBITDA for the second quarter of 2011 was $7.6 million compared to $13.1 million in the second quarter of 2010 and $4.1 million in the first quarter of 2011. On a GAAP basis, net loss was $15.6 million for the second quarter of 2011 as compared to net income of $0.6 million for the same quarter in 2010. Business Highlights: - North Sea: - Commenced drilling operations at Bacchus - Agreement of commercial terms for the processing and transportation of the Greater Rochelle production on the Scott Platform - Contracts awarded for the pipeline and umbilical's for the development of Greater Rochelle area - U.S. Onshore: - Announced the acquisition of 50,000 net acres in Marcellus Shale with existing production and pipeline infrastructure - 8 gross wells brought on production through July in Louisiana and East Texas - 4 additional gross wells completing or drilling in Louisiana - Financial: - Increased available capital in July resulting in cash on hand of approximately $245 million
http://www.investegate.co.uk/Article.aspx?id=20110803070000P63B2
"This acquisition represents a significant step forward in the growth of our domestic onshore business in a play that offers some of the highest returns in the United States today," said William L. Transier, chairman, chief executive officer and president. "The acreage is located on trend with several major industry developments and complements our existing acreage position in Cameron County immediately to the south. Our development model indicates recoverable natural gas potential from 1.0 to 1.3 trillion cubic feet with more than 300 identified drilling locations on our McKean and Cameron County leasehold. As operator of these assets, including the gathering infrastructure, we have the opportunity to accelerate our development plans in an effort to realize the value of our investment while expanding our position in this three county area."
Endeavour International Corporation (NYSE: END) (LSE: ENDV) announced today that it has entered into purchase and sale agreements with SM Energy Company (NYSE:SM) and certain other minority owners to acquire the leasehold and producing interests held by SM Energy and its partners in the Marcellus shale in north central Pennsylvania, as well as a pipeline and related facilities for aggregate consideration of $110 million. The transaction provides Endeavour with significant production and reserve potential on acreage that is adjacent to the Company's existing Marcellus acreage and is readily available for development in one of the most economically attractive shale gas plays in the United States. The assets include the following: - Approximately 50,000 net acres of leasehold with 100 percent operated working interests in McKean and Potter counties; - Current production from three existing wells of approximately three to four million cubic feet of natural gas per day, including the Potato Creek #3H well that initially flowed 11 million cubic feet of gas per day and is expected to recover in excess of 4 billion cubic feet of gas; - 100 percent ownership of Potato Creek LLC, which owns a midstream gathering system and related facilities in southern McKean County, including a 10-mile 16" trunkline connected and flowing to Tennessee Gas Pipeline's 24" mainline; and - Proprietary and fully processed 3-D seismic survey covering the entire Potato Creek lease block. Following the completion of the transaction, Endeavour's leasehold interests in the Marcellus Shale will total approximately 93,000 gross (68,000 net) acres. A new 7-year lease will be issued at closing on the key 21,000 net acre Potato Creek block that requires only five wells to be drilled in the first three years. Minimal capital is required over the next three years to hold all acreage in McKean County, including the key Potato Creek leasehold. The transaction is expected to close within 60 days and is expected to be financed with proceeds from the issuance of convertible debt securities.
http://investegate.co.uk/Article.aspx?id=20110718134000P9577
http://www.investegate.co.uk/Article.aspx?id=20110427070426P94AE
Endeavour Announces Rochelle Commercial Terms Endeavour Announces Agreement of Rochelle Commercial Terms HOUSTON, April 18, 2011 -- Endeavour International Corporation today announced agreement of commercial terms for the processing and transportation of East Rochelle production on the Scott Platform, in the Central North Sea. Endeavour, operator of the East Rochelle, plans to award contracts and commence construction of the production facilities immediately. "This represents an important milestone in the development of the East Rochelle field," said William L. Transier, chairman, chief executive officer and president. "Endeavour can now move forward expeditiously to achieve first production in 2012. This off-take solution is expected to incorporate the production at West Rochelle, the second phase of the development of the Greater Rochelle area, which will be on a simultaneous track with East Rochelle." The Field Development Plan for East Rochelle was approved by the Department of Energy and Climate Change in February 2011. The plan calls for the subsea development to be linked by a 30- kilometer pipeline to production facilities on the Scott platform. First production from East Rochelle is planned for the second half of 2012. Endeavour holds a 55.6 percent working interest in the East Rochelle development and Nexen Petroleum UK Limited holds the remaining 44.4 percent interest.
http://www.investegate.co.uk/Article.aspx?id=20110316120757PE041
Endeavour Announces Financial and Operational Results for 2010 HOUSTON, March 2, 2011 -- Endeavour International Corporation today reported full year 2010 net income, as adjusted of $57.4 million compared to $41.1 million for 2009. Adjusted EBITDA for the full year was $124.8 million compared to $64.6 million last year. "During 2010 and to date, we have successfully launched an onshore drilling program in the United States, received field development approval at Bacchus and East Rochelle in the United Kingdom and achieved a 419% reserve replacement ratio," said William L. Transier, chairman, chief executive officer and president. "The purchase of the additional interest in Bacchus and the sale of Cygnus allowed us to capture the value imbedded in our portfolio and effectively transfer capital resources, from a longer cycle capital intensive project, to a near term oil project in the North Sea. The Company's achievements in 2010 position us for strong growth in the coming years as we ramp up production from our asset portfolio in the US and UK." On a GAAP basis, net income was $82.8 million for the fourth quarter of 2010 as compared to ($29.5) million in the same quarter in 2009. Net income was $56.5 million for the year ended December 31, 2010 as compared to a loss of ($41.0) million in the same period in 2009.
Endeavour Announces Approval of the Rochelle Field Development Plan HOUSTON, Feb. 28, 2011 -- Endeavour International Corporation (NYSE Amex: END) (LSE: ENDV) is pleased to announce the United Kingdom Department of Energy and Climate Change (DECC) has approved the Rochelle Field Development Plan (FDP) for Block 15/27 in the Central North Sea, now known as East Rochelle. This approval represents phase one of the development of the Greater Rochelle area. "This is a significant accomplishment in the Rochelle Field Development. We are very pleased that the DECC has shown their confidence in Endeavour's operating capability and approved our plan so we can move prudently toward first production at East Rochelle next year," said William L. Transier, chairman, chief executive officer and president. "With the added discovery announced in October 2010, we plan to integrate West Rochelle into this development plan, as phase two, with production estimated to begin in 2012." Endeavour is operator of East Rochelle and holds a 55.6 percent working interest in the development. Nexen Petroleum UK Limited holds the remaining 44.4 percent interest. The current FDP calls for the subsea development to be linked by a 30 kilometer pipeline to production facilities on the Scott Platform. First production is planned for the second half of 2012.
http://www.investegate.co.uk/Article.aspx?id=20110228070000P043A
Endeavour Announces Production Facilities Agreement for UK Columbus Field LONDON, June 16 -- 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 assets."