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Endeavour, RWE Dea swap Norway assets

Published Jul 10, 2007

Endeavour map of c N Sea

Endeavour International Corp. in Norway has upped its stake in two production licenses offshore the Nordic country and has become operator in a deal with Germany’s RWE Dea.

Licenses PL270 and PL426 in the northern North Sea contain “risked” resources estimated by the company to be in excess of 500 billion cubic feet of gas equivalent, including the Agat discoveries and other prospects north of the Gjoa field and Peon discovery. Endeavour becomes operator of PL270 increasing its interest by 36 percent to 85 percent.

In exchange, Endeavour will transfer 15 percent of its interest in PL426 to RWE and fund certain costs through the first appraisal well planned for 2008.

Endeavour was named as operator with a 100 percent interest in PL426, which surrounds PL270, in 2006 during the Awards in Predefined Areas licensing round.

 

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