Endeavor to Review Alternatives for North Sea Assets

Endeavour International Corporation announced that its board of directors has approved a review of strategic alternatives for its North Sea assets.

In an effort to unlock the value of its underlying North Sea assets, Endeavour will study a full range of options, including:

  • Continuing to execute current operations plan
  • Entering into a joint venture to accelerate activities in the North Sea
  • Selling specific assets or the North Sea entire business

"Our board, management and shareholders continue to be disappointed by the dislocation between underlying asset values and our stock price. Last year, Endeavour sold just 19 percent of its reserves for $150 million, which was more than the market capitalization of the company at that time," said William L. Transier, chairman, chief executive officer and president. "Since then, our stock price has traded back to pre-sale levels even though we believe the value of our remaining asset base represents a multiple of the existing share price. As fiduciaries of the capital entrusted to Endeavour, we want our stockholders and the market to recognize the full potential of their investment."

"The board is committed to a thorough and systematic review for all of our North Sea alternatives," Transier added "We have believed for some time that the discount in our stock price was related to the length of time between discovery and production and the relatively high development costs in the UK. Our entry into the US onshore arena balances this position with an inventory of properties that can be developed in a much shorter time period and at lower cost."

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 Company: Endeavour International Corporationmore info
 - Endeavour Halts Drilling Ops at East Rochelle (Feb 14)
 - Endeavour: Transocean Semisub Mobilized to Rochelle Field (Jan 7)
 - Endeavour CFO Resigns (Oct 29)

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