HOUSTON, April 15, 2010 /PRNewswire/ -- 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.