LONDON, October 14 /PRNewswire/ --
Endeavour International Corporation (Amex: END) (LSE: ENDV) today announced that the company and its partners have submitted for governmental approval a Field Development Plan (FDP) for the Columbus discovery in the Central North Sea in the United Kingdom.
The FDP consists of a multi-phased subsea tie-back to link Columbus production to a central processing facility that is part of the BP-operated Eastern Trough Area Project (ETAP). Natural gas will be transported via the ETAP gas export pipeline into the Central Area Transmission System (CATS) to the processing terminal in Teesside on the northeast coast of England. Condensate production will move via the ETAP oil export pipeline that ties into the Forties Pipeline System and the Kinneil oil export terminal near Grangemouth, on the Firth of Forth, about 20 miles west of Edinburgh, Scotland. The gas and condensate transportation arrangements are subject to further commercial negotiations. First production is forecast to begin in the third quarter of 2010.
The Columbus gas-condensate field discovery was announced in December 2006 after well 23/16f-11 tested at a rate of 17.5 million cubic feet of gas per day and 1,060 barrels of condensate per day. Two successful appraisal wells drilled during 2007 confirmed the commerciality of the discovery. Endeavour holds a 25 percent working interest in Block 23/16f.
Endeavour Chairman and CEO William L. Transier said: "Moving Columbus into development is an important next step for Endeavour and its partners. The project will be funded from continuing cash flow and is one of several projects that will contribute to substantial production growth beginning in 2010. The Columbus discovery and its proposed field development is one of the significant exploration successes in which Endeavour has been involved in the North Sea in the last several years."
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
Endeavour - Investors: J. Mike Kirksey, +44-(0)-207-451-2360, +1-713-307-8788; or Tristone Capital - UK Broker: Majid Shafiq, +44-(0)-207-355-5800; or Pelham pr - UK Media: Philip Dennis, +44-(0)-207-743-6363 or Mark Antelme, +44-(0)-203-178-6242
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