Endeavour Energy UK Being Acquired by New North Sea Focused E&P
Waldorf Production Limited, a newly formed private oil and gas company based in Manchester, has announced it is acquiring Endeavour Energy UK Limited for an undisclosed sum.
According to a release emailed to Rigzone, the acquisition marks Waldorf’s entry into the UK North Sea, “firmly establishing the company as a full-cycle E&P company with a material production through its non-operated interests in the Alba, Bacchus, Bittern and Enoch fields.”
The company also has interest in the Columbus field development.
“We are excited to take on the high-quality assets and personnel of Endeavour,” said Aaditya Chintalapati, Waldorf’s chief financial officer. “We believe the North Sea continues to provide significant opportunities for small E&P companies such as ourselves. We look forward to working closely with all stakeholders to help manage these assets in a safe and efficient manner.”
In March of 2018, Reuters reported that Endeavour Energy UK had begun selling its North Sea oil and gas assets for $550 million.
Endeavour International Corp., the Houston-based parent company of Endeavour Energy UK Limited, filed for bankruptcy in 2014. As of press time, their website states it’s currently undergoing a redesign and to check back for updates.
Waldorf stated the acquisition is funded through a mix of new equity provided mainly by Norwegian private investors and debt financing by Sculptor Capital Management.
Pareto Securities serves as financial advisor to Waldorf during the transaction.
To contact the author, email Valerie.Jones@Rigzone.com
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.