Endeavour Completes Talisman Expro Acquisition
Endeavour International Corporation reported that its subsidiary, Endeavour Energy UK Limited, completed its previously-announced acquisition of all the shares of Talisman Expro Limited, formerly a subsidiary of Talisman Energy Inc. As a result of the transaction, Endeavour acquired interests in eight fields in the Central North Sea section of the United Kingdom Continental Shelf that averaged daily production of approximately 8,800 barrels of oil equivalent during the first half of the year.
"This acquisition transforms Endeavour from a start-up exploratory company to a balanced exploration and production company," said William L. Transier, chairman, chief executive officer and president. "The transaction establishes our first production in the United Kingdom and provides a diversified production base from which to advance our North Sea-focused strategy. These assets and the associated cash flow will further support our active exploratory campaign and enable us to pursue other strategic opportunities."
With the completion of the purchase, Endeavour acquired working interests in the following production licenses and fields:
- PL 592, Goldeneye field, Block 20/4b - 7.50 %
- PL 213, Alba field, Block 12/26, Area A - 2.25 %
- PL 361, Bittern field, Block 29/1b - 2.42%
- PL 213, Caledonia field, Block 16/26 Area P - 2.83%
- PL 218, PL 588, Ivanhoe, Rob Roy and Hamish fields, Blocks 15/21a, 15/21b- 23.46%
- PL 226, Renee field, Block 15/27 - 77.5%
- PL 339, Rubie field, Block 28b - 40.78%
- PL 226, Rochelle discovery, Block 15/27 - 55.62
In connection with the acquisition today, Endeavour closed a series of financing transactions. The company raised $82 million from a public equity offering of 35 million shares of common stock and issued $125 million of convertible preferred stock. In addition, the company put in place a $225 million reserve based senior credit facility and $75 million second lien term loan.
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.
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Company: Endeavour International Corporation more info
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