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Endeavour International focus on North Sea

Endeavour International focus on North Sea
Endeavour International today said its 2012 budget of up to £109million would be focused on the North Sea.

Endeavour International today said its 2012 budget of up to £109million would be focused on the North Sea.

The Canadian-listed firm, which said it was cutting back on its North American shale gas spending on low gas prices there, said the UK would be its primary focus.

Chief executive William Transier said 2011 had been a “pivotal year” and 2012 would have higher UK oil and gas production, following a drop in 2011.

The firm is due to complete a £200million deal with ConocoPhillips, which would see it take 18-40% interest in the producing Alba, Nicol and MacCulloch fields, and operatorship of MacCulloch, adding 10,000 barrels of oil equivalent (boe) per day and 33million boe reserves to Endeavour.

It also has projects due to start production, including the Apache-operated Bacchus this quarter and its subsea Rochelle project, to be tied into the Scott platform, in quarter four.

Mr Transier, also chairman and president, said: “2011 was a pivotal year for Endeavour as we positioned the company for the next stage of its evolution.

“Although the anticipated production from Bacchus was delayed, the company successfully reached key milestones to move the Rochelle project closer to its start-up.

“We also announced a significant and accretive acquisition in our core area of the UK North Sea.

“During 2012, we will stay focused on activities designed to increase our UK North Sea crude and natural gas production.”

Endeavour said capital spending in 2012 would be £95-£109million – with £78-£95million in the UK, primarily on Bacchus and Rochelle.

A further £12.5-£15.6 million could be spent on the additional three UK assets it agreed to buy.

Subject to the acquisition completing, Endeavour said its reserves would increase to 76millions barrels of oil equivalent at year-end 2011, compared to 43.7million in 2010.

Endeavour said daily production dropped to 3,414 boe in 2011 from 4,125 boe in 2010.

Full year pre-tax losses were £65million, compared to profits of £35million in 2010, when it sold the Cygnus field.

Revenues for 2011 were £36.6million compared to £45million in 2010.

In the US the firm said it was cutting back its spending on shale gas plays until better rates for gas can be achieved.

However, it was continuing to explore the Heath Shale tight oil play.

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