21 Jan 2009 07:00
Endeavour Announces Successful Appraisal of the Rochelle Discovery in United Kingdom
HOUSTON, Jan. 21 -- Endeavour International Corporation today announced a successful up-dip appraisal of the Rochelle undeveloped discovery in Block 15/27 of the UK North Sea. Endeavour holds a 55.6 percent interest in the well and is operator for the block. Nexen Petroleum U.K. Limited is a joint venture participant and holds 44.4 percent interest.
The Rochelle 15/27-11 appraisal well was drilled to a total depth of 10,369 feet subsea encountering 77 feet net pay in the Lower Cretaceous Kopervik sandstone with average porosity of 24 percent and average hydrocarbon saturation of 86 percent. Pressure data and samples confirm 55 feet of gas on top of 22 feet of oil. The oil water contact was not encountered. Plans are in progress to flow test the well. The reservoir characteristics measured in 15/27-11 are much better than predicted in our pre-drill estimates. Endeavour's preliminary post-drill best technical case could be in excess of 30 million barrels of oil equivalent gross recoverable.
The company intends to move quickly towards development of Rochelle. Future appraisal/development options are being actively evaluated.
"Rochelle is the first successful appraisal project planned, executed, and operated by Endeavour. Rather than farm down working interest to interested parties, Endeavour elected to retain its majority interest based on extensive in-house technical and commercial work. The Rochelle appraisal is an excellent example of maturing a fallow discovery toward development as envisaged by the regulatory authorities when they began seeking new entrants, like Endeavour, into the United Kingdom sector earlier this decade. We will use the results of this well to plan the next phase in the development of Rochelle. This is a significant success for Endeavour on its own and it will breathe new life into our R Blocks area comprised of 15/27 and 15/28b," said William L. Transier, Chairman and Chief Executive Officer.
The 15/27-11 appraisal well was drilled approximately two kilometers northwest of the 15/27-9 discovery well drilled in 2000. Endeavour acquired Rochelle in 2006. It is in the Outer Moray Firth in the prolific Kopervik sand fairway between the Goldeneye and Brodgar producing fields.
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 and United States. 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
CONTACT: Investor Relations, Mike Kirksey of Endeavour InternationalCorporation, +1-713-307-8788; or Jeffrey Auld of Canaccord Adams, +44-(0)-207-050-6500; or UK Media, Philip Dennis, +44-(0)-207-743-6363, orHenry Lerwill, +44-(0)203-178-6242, both of Pelham Public Relations, all forEndeavour International Corporation(END) (ENDV)
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