Endeavour Reports Fourth Cygnus Appraisal Success
April 15 2010 - 6:05AM
UK Regulatory
TIDMENDV
Endeavour Reports Fourth Cygnus Appraisal Success
Cygnus gas field reserve estimates continue to grow
HOUSTON, April 16 -- Endeavour International Corporation (NYSE Amex: END)
(LSE: ENDV) today announced successful appraisal drilling in the western area of
the Cygnus gas field in block 44/11a has led to increased reserves and
prospective resource estimates and extended the field boundary to the north and
west. Preliminary estimates of Cygnus reserves and prospective resources could
potentially be as high as 2 trillion cubic feet of gas based on new well
information making Cygnus one of the largest gas fields ever discovered in the
United Kingdom sector of the southern North Sea.
"This significant extension of the Cygnus field allows us to develop the
area with a simplified, compressed, and lower-cost development and higher
initial production rates that will accelerate to peak production levels more
quickly," said William L. Transier, chairman, chief executive officer and
president. "This very positive increase in Cygnus reserves is another
indication of the underlying value of our UK portfolio of assets."
The 44/11a-4 well was drilled to a depth of 12,207 feet vertical depth
subsea, encountered a high quality, gas-saturated Leman sand reservoir 54 feet
high to prognosis with a sand thickness of 130 feet gross and 85 feet net. The
well was flow tested at a rate of 28 million cubic feet of gas per day.
The discovery well and five appraisal wells drilled in the Cygnus field
support a common field-wide gas water contact within approximately 10 feet with
the exception of the 44/11-2 well in the extreme southwest.
When operations cease on this well, the rig will be mobilized to the
southern part of the Cygnus field to drill a sixth well, the 44/12a-E appraisal
well. The Cygnus group plans to acquire a new field-wide 3-D seismic survey
covering the expanded boundaries of the field.
Endeavour holds a 12.5 percent interest in blocks 44/11a and 12a. License
partners are GDF Suez E&P, the operator, and Centrica.
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 and United States. 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 as of the date made. Such statements are subject to assumptions, risk
and uncertainty. Actual results or events may vary materially. The estimates of
recoverable resources per well and completed well costs included herein are
based upon other typical results in these shale plays and may not be indicative
of actual results.
SOURCE Endeavour International Corporation
CONTACT: Investor Relations, Mike Kirksey, of Endeavour, +44 (0) 207-451-
2381, +1-713-307-8788; or UK Broker, Jeffrey Auld of Canaccord Adams, +44 (0)
207 050 6500, for Endeavour International Corporation; or UK Media, Philip
Dennis, +44 (0) 20 7337 1516, or Henry Lerwill, +44 (0) 20 7337 1526, both of
Pelham Bell Pottinger, for Endeavour International Corporation
END
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