Endeavour International Corporation announced that Aker Exploration AS will acquire an interest in production license PL 304, located in block 25/10 on the Norwegian Continental Shelf (NCS) in the North Sea. Aker Exploration will supply the Aker Barents semi-submersible rig to drill the Aegis prospect in PL 304.
Aker Exploration will acquire a 20 percent license interest from Endeavour Energy Norge, a subsidiary of Endeavour International Corporation, and a 10 percent license interest from Lundin Petroleum. Following the transaction, Endeavour will retain a 20 percent license interest and Lundin, operator of the license, will hold 50 percent and Aker will hold 30 percent. The transaction is subject to approval by Norwegian regulatory authorities.
Drilling of the PL 304 Aegis exploration well is expected to begin in late 2008.
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