ENDV28 Dec 2011 07:22
"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."