The company now holds an approximate 76 percent interest and has entered into agreements to acquire the remaining interests in OER. Those transactions should be completed in early 2005 subject to governmental approvals.
"This acquisition establishes a platform for growth in the North Sea and represents another milestone in executing our business strategy," said William L. Transier and John N. Seitz, co-chief executive officers. "Endeavour is building an independent energy company totally focused on capturing niche exploration and production opportunities in the North Sea. We look forward to developing a strong presence in the Norwegian oil and gas company community through this combination of assets and people."
Since obtaining new management in early 2004, Endeavour has made significant progress toward meeting its business objectives in both the United Kingdom and Norwegian sectors in the North Sea. The company was awarded nine production licenses covering 18 blocks off the coast of the UK in the 22nd Seaward Licensing Round. Prior to the announced acquisition of OER, the company was notified by the Ministry of Petroleum and Energy in Norway of its pre-qualification as a licensee in that country.
Most Popular Articles