HOUSTON, April 23 /PRNewswire/ --
Endeavour International Corporation (Amex: END) (LSE: ENDV) today announced the beginning of its 2008 exploration and development drilling program in the North Sea with the spudding of the Galtvort exploration well in Norwegian Production License 348. Under the current rig schedule, the company will participate in at least seven exploration and appraisal wells and one development well all spudding before the end of the year. Endeavour is the operator of three of the blocks to be drilled.
"This begins a very active and continuous drilling campaign for the foreseeable future," said William L. Transier, chairman, president and chief executive officer. "The 2008 program reflects our change in exploration strategy with a stronger focus on improving risk management and optimizing value creation. The company has more planned drilling activity for the remainder of 2008 and into 2009 than at any other time in its history."
The Galtvort well bore 6407/8-4S is a near-field prospect operated by StatoilHydro Petroleum AS. Endeavour has a 7.5 percent interest in the well. The company will also participate in the drilling of three other exploration wells on the Norwegian Continental Shelf as part of its 2008 drilling campaign. Endeavour will operate its first well in Norway with the drilling of the Jade well, an exploration test near the two Agat gas discoveries in Block 35/3 in which Endeavour holds a 65 percent interest. The other two wells include the Noatun C, a prospect in Block 6407/7 north of the Njord field, and the Brage North, an exploration target in Block 31/4 in the Brage field. Endeavour holds a 2.5 and 4.44 percent interest, respectively, in the blocks.
Endeavour plans to drill three exploration and appraisal wells and one development well in the United Kingdom sector of the North Sea during the second half of the year. The Tesla exploration well in Block 22/24c will test for hydrocarbons in one of the company's primary focus areas. Endeavour holds a 25 percent interest in the license. A well will be drilled to further appraise the Cygnus discovery in the Southern North Sea Block 44/12a in which Endeavour owns a 12.5 percent interest. Another appraisal well is planned on the Rochelle discovery in Block 15/27 -- one of the two blocks that Endeavour operates where all of the fields and discoveries begin with the letter R. The company holds a 55.6 percent working interest in the Rochelle discovery. Endeavour is also scheduled to drill and operate a development well on one of the two R blocks during the fourth quarter.
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. 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 of as of the date made. Such statements are subject to assumptions, risk and uncertainty. Actual results or events may vary materially.
Web site: http://www.endeavourcorp.com
Rusty Fisher of Endeavour International Corporation, +1-713-307-8770