23 Oct 2008 07:00
Endeavour Announces Positive Results of Noatun C Sidetrack Well
HOUSTON, Oct. 23 -- Endeavour International Corporation today announced that a sidetrack well to its recent Noatun C discovery has further confirmed the presence of gas condensate at the site located in PL 107 in the Norwegian North Sea. The operator StatoilHydro has issued preliminary estimates of "discovered recoverable reserves between 30 - 50 million barrels oil equivalent."
The discovery will be evaluated for development as a tie back to the Njord field that lies 16 kilometers south. The sidetrack found gas condensate in the same Jurassic reservoirs as the 6407/8-7 discovery well drilled in September. No water contact was reached suggesting the gas condensate column extends deeper than first assumed. The 6407/7-8A sidetrack was drilled to a total vertical depth of 5,050 meters below sea level in approximately 293 meters of water. Endeavour holds a 2.5 percent equity interest in the Noatun discovery and the Njord field.
"Our recent drilling campaign in Norway continues to add to the value of our core operating assets in this sector of the North Sea," said William L. Transier, chairman and chief executive officer. "The company's continuing cash flow from operations allows Endeavour to pursue our exploration program as planned and demonstrates the opportunities that our self-funded business model offers investors."
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
10/23/2008
/CONTACT: Investors, Mike Kirksey of Endeavour International Corporation, +1-713-307-8788; or UK Broker, Majid Shafiq of Tristone Capital, +44 (0) 207 355 5800; or UK Media, Philip Dennis, +44 (0) 207 743 6363, or Mark Antelme, +44 (0) 203 178 6242, both of Pelham PR, for Endeavour International Corporation/
/Web site: http://www.endeavourcorp.com /
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