12 Sep 2008 13:24
Endeavour Announces Discovery at Noatun C in Norway Seventh consecutive successful well by the company in the North Sea
HOUSTON, Sept. 12 -- Endeavour International Corporation today announced a discovery at the site of its Noatun C prospect located in PL107 in the Norwegian North Sea. The well encountered a gas condensate column in the targeted Middle to Lower Jurassic sandstone. The drilling of a sidetrack will begin immediately to locate the gas water contact and further determine the size of the discovery.
"This is the seventh consecutive successful well bore drilled by the company in the North Sea that has encountered potentially commercial hydrocarbons and the fourth in satellite prospects in the Njord and Brage fields in Norway," said William L. Transier, chairman and chief executive officer. "We believe our recent drilling record serves as further evidence of the potential of our portfolio, the strength of our improved exploration processes, and our ability to enhance the value of our assets through exploration and appraisal drilling."
Njord Satellites
The Noatun C was drilled to a total depth of 5,110 meters (16,765 feet) below sea level in approximately 293 meters (958 feet) of water. Logging and formation tests confirm the presence of gas condensate. The prospect is one of several satellites to be drilled by Endeavour and the operator StatoilHydro as potential tie backs to the Njord field that lies 16 kilometers south of the discovery. Two well bores, a discovery well and an appraisal well, drilled during the second quarter of 2008 at the Galtvort prospect in PL348 also encountered gas condensate. These successes followed a gas condensate discovery in late 2007 at the Njord Northwest Flank prospect west of the Njord field in PL107. Endeavour holds a 2.5 percent equity interest in the Noatun, Galtvort, and the Njord Northwest Flank discoveries and the Njord field.
Brage Satellites
Also in Norway, Endeavour participated in the successful drilling of the Brage Bowmore prospect in PL055 in the Brage Production Unit, a long-reach exploration well drilled from the Brage platform during the second half of 2007. The A-28B well encountered oil in the Jurassic Brent Group and is currently contributing to production. The company holds a 4.44 percent interest in the Brage Field.
Columbus Appraisal
Two other successful wells were drilled in the second half of 2007 into the Columbus discovery in Block 23/16f in the United Kingdom sector of the North Sea. An appraisal well and its sidetrack confirmed the presence of gas condensate bearing sands. A field development plan is now underway with first production scheduled for 2010. Endeavour holds a 25 percent working interest in the Columbus block.
Other Planned Exploration and Appraisal Drilling
Endeavour is pursuing an active drilling campaign in the North Sea with at least eight more wells planned for the remainder of 2008 and into early 2009.
In Norway, two exploration wells are currently drilling. The Brage North, a near-field exploration target in the Brage Production Unit, will test three Jurassic reservoir targets. Elsewhere, Endeavour will operate its first well in Norway early in 2009 when it drills the Jade prospect in PL270. Endeavour holds a 65 percent working interest in the well.
Endeavour plans to participate in three appraisal wells in the United Kingdom sector of the North Sea. The first well will be drilled in Block 15/27 to test the up-dip extent of the Rochelle discovery in which Endeavour is the operator with 55.6 percent working interest. Two wells are planned at the Cygnus discovery in Blocks 44/11a and 12a to appraise two of the five fault blocks that comprise the discovery. The company holds a 12.5 percent working interest in the blocks.
Three additional exploration wells are planned in early 2009. Tesla, in Block 22/24c, is a high-temperature, high-pressure prospect located in the UK Central North in which Endeavour holds a 25 percent working interest. The other two wells are located in the Norwegian Continental Shelf. The company owns a 20 percent interest in the Aegis prospect located in PL304 that will target two Tertiary reservoirs. The Gygrid prospect is another satellite to the Njord field located in PL348 south of Galtvort.
Endeavour International Corporation is an oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea. For more information, visit http://www.endeavourcorp.com.
Certain statements in this news release should be regarded as "forward-looking" statements within the meaning of the securities laws. These statements speak only as of the date made. Such statements are subject to assumptions, risk and uncertainty. Actual results or events may vary materially.
SOURCE Endeavour International Corporation
09/12/2008
/CONTACT: Endeavour - Investor, Mike Kirksey, +1-713-307-8788; or Tristone Capital - UK Broker, Majid Shafiq, +44(0)207-355-5800; or Pelham pr - UK Media, Philip Dennis, +44(0)207-743-6363, or Mark Antelme, +44(0)203-178-6242, for Endeavour International Corporation /
/Web site: http://www.endeavourcorp.com /
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