HOUSTON, June 30 /PRNewswire/ --
Endeavour International Corporation (Amex: END) (LSE: ENDV) today 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 US$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.
Endeavour International Corporation is an oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and the United States. For more information, visit http://www.endeavourcorp.com
Certain statements in this news release should be regarded as forward-looking statements within the meaning of the securities laws. These statements speak only as of the date made. Such statements are subject to assumptions, risk and uncertainty. Actual results or events may vary materially.
Investor Relations, Mike Kirksey of Endeavour International Corporation, +44 (0) 207-451-2360, +1-713-307-8788; or UK Broker, Jeffrey Auld of Cannacord Adams, + 44 (0) 207-050-6500; or UK Media, Henry Lerwill of Pelham Public Relations, +44 (0) 203-178-6242, both for Endeavour International Corporation