Endeavour announced that the Tesla exploratory well 22/24c-11 in the United Kingdom Central North Sea has been plugged and abandoned after failing to encounter gas condensate in commercial quantity.
The well was drilled to a total depth of 15,291 feet to test the gas condensate reserve potential of the Triassic sandstone. The company estimates its portion of the well cost at $8.3 million. Endeavour holds a 15 percent working interest in the well having reduced its original 25 percent position to manage risk.
"While we are disappointed by the Tesla news, Endeavour has drilled a string of 13 consecutive successful wells which is considered an uncommon feat in the North Sea," said William L. Transier, chairman and chief executive officer. "The results of this well will not impact our underlying value or rapid growth plans in the United Kingdom and the United States."
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