Endeavour to Become Operator of Agat Discovery Offshore Norway
Endeavour Energy (EEN) has entered into an agreement with RWE Dea Norge (RDN) to align interests in production licenses PL270 and PL426 in the northern North Sea. The area contains risked resources estimated by the company to be in excess of 500 billion cubic feet of gas equivalent, including the Agat discoveries and other prospects and leads identified in the area.
Endeavour will become operator of PL270, increasing its interest to 85% from the current 49% interest. In exchange, EEN will transfer 15 percent of its interest in PL426 to RDN and fund certain costs through the first appraisal well planned for 2008. Endeavour was named as operator with a 100% interest in PL426, which surrounds PL270, in 2006 during the Awards in Predefined Areas licensing round. The agreement is subject to approval by government authorities.
"This is a very significant transaction for our Norwegian operations. Endeavour will benefit strategically, as we will operate and hold a controlling interest in an area with a known discovery and numerous potential drilling opportunities," said William L. Transier, chairman, chief executive officer and president. "We look forward to accelerating the appraisal and commercialization of this potentially significant new source of natural gas."
PL270 and PL426 cover more than 120,000 acres in a prolific oil and gas trend north of the Gjoa Field and east of the recent Peon gas discovery in the More Margin.
- Lundin Granted Drilling Permit in PL609 (Sep 10)
- Lundin Spuds Appraisal Well on Alta Discovery (Mar 25)
- Japan's JX, GDF Suez Find New Oil in UK North Sea (Mar 13)
Company: Endeavour Energy UK Limited more info
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