Endeavour Nearly Doubles Capital Budget for 2007
Endeavour International Corporation said Thursday that it plans to spend approximately $92 million during 2007 to fund oil and gas exploration and development in the North Sea.
"Our capital budget has almost doubled from last year, excluding acquisitions and capitalized costs, and demonstrates the increased activity that we are anticipating given the growth of our company during 2006," said William L. Transier, chairman, chief executive officer and president. "Exploration success, expansion from acquisitions and an ever-increasing portfolio of drilling opportunities position the company for significant growth. We now have the cash flow, rigs under contract and experienced professionals to execute on these opportunities for our investors."
An estimated $42 million will be allocated to exploration drilling activities and the remainder to data acquisition and analysis and development projects. More than two-thirds of the 2007 capital program is expected to be spent in the United Kingdom sector of the North Sea. The rest of the capital budget will be directed toward exploration and development activities in Norway.
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.
- Endeavour Halts Drilling Ops at East Rochelle (Feb 14)
- Endeavour: Transocean Semisub Mobilized to Rochelle Field (Jan 07)
- Endeavour CFO Resigns (Oct 29)