Endeavour (END) Unit to Acquire Central North Sea Assets from Conoco (COP) in $330M Deal
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Endeavour International Corporation (NYSE: END) announced that its subsidiary, Endeavour Energy UK Limited, has entered into a purchase and sale agreement to acquire ConocoPhillips' (NYSE: COP) interest in three producing U.K. oil fields in the Central North Sea for $330 million , including approximately $94 million of tax attributes.
Current net production from this asset group is approximately 10,000 boepd. Endeavour estimates of proved and probable reserves as of June 30, 2011 are in excess of 33 mmboe.
Pro forma for the acquisition, Endeavour's proved plus probable reserves would increase to almost 80 mmboe from 44 mmboe at December 31, 2010 . Production would increase from current levels of approximately 4,500 boepd to in excess of 20,000 boepd with the start up of Bacchus and Greater Rochelle anticipated in 2012 and the closing of the acquisition.
Endeavour expects to close this transaction in H112.
Current net production from this asset group is approximately 10,000 boepd. Endeavour estimates of proved and probable reserves as of June 30, 2011 are in excess of 33 mmboe.
Pro forma for the acquisition, Endeavour's proved plus probable reserves would increase to almost 80 mmboe from 44 mmboe at December 31, 2010 . Production would increase from current levels of approximately 4,500 boepd to in excess of 20,000 boepd with the start up of Bacchus and Greater Rochelle anticipated in 2012 and the closing of the acquisition.
Endeavour expects to close this transaction in H112.
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