"The awards to us by the DTI are impressive given the record number of companies that participated in this year's licensing round," said William L. Transier, co-chief executive officer. "We believe these results reflect the capabilities of our technical talent and exploratory tools and our ability to be competitive in a region undergoing a significant renaissance."
"The quality of the prospects on the acreage should lead to numerous drilling opportunities within two years," continued John N. Seitz, co-chief executive officer. "With our 2005 exploratory drilling campaign already underway and plans in development to drill six more exploration wells next year, we are committed to demonstrating the significant untapped energy opportunities that lie in the North Sea."
Endeavour was awarded interests in six production licenses covering six blocks in the Central North Sea and will serve as operator on three of the blocks. The blocks are as follows:
- Blocks 31/21b, 31/27b (operator with 40 percent interest)
- Block 15/12a (operator with 100 percent interest)
- Blocks 22/20b, 30/1g (25 percent interest)
- Block 23/16f (50 percent interest)
In addition, Endeavour was awarded two licenses comprised of six blocks in the Inner Moray Firth. Endeavour will serve as operator with 33.3 percent interest in the following blocks:
- Blocks 12/26b (Split), 12/27, 17/5, 18/1, 18/2
- Block 12/23(Split)
The remaining three licenses comprised of five blocks are located in the Southern Gas Basin with Endeavour serving as operator of two blocks. The blocks are as follows:
- Block 43/23b (operator with 50 percent interest)
- Block 48/8 (Split) (operator with 100 percent interest)
- Blocks 48/5 (Split), 49/1b (Split), 43/30b (33 percent interest)
Of the production licenses, eight licenses covering 14 blocks were granted under traditional terms that require the company to fulfill a work program within four years from the date of award. The remaining three licenses covering three blocks are under "promote" terms that require the company to pay reduced license fees for a two-year period as exploratory evaluations are conducted.
Endeavour now holds interests in a total of 22 production licenses and 38 blocks in the UK sector of the North Sea.
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