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.
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