-- Updates Third Quarter Production Guidance
HOUSTON, Oct. 21, 2013 /PRNewswire/ -- Endeavour
International Corporation (NYSE: END) (LSE: ENDV) ("Endeavour" or
the "Company") today announced that its Board of Directors has
concluded the strategic review process started in February 2013. The Board of Directors has
determined that it is the best interests of shareholders to retain
and exploit its existing asset base, with the organizational
changes and cost savings initiatives discussed below.
"Since the start of the strategic review, Endeavour has achieved
several objectives that have improved the long-term value of its
business, including completion of Bacchus, progression of
Rochelle and continued process
improvements at the Alba field. The decision is the right choice
for our shareholders and employees," said William L. Transier, chairman, chief executive
officer and president. "A relentless and enthusiastic focus on
reducing debt, being cost efficient and exploiting the underlying
value of assets in our core areas is the best way to create value
for our stakeholders."
Coinciding with the completion of the strategic review process,
Endeavour is closing its London
office and consolidating its technical teams in Aberdeen, Scotland. Derek Neilson has been promoted to Managing
Director of U.K. Operations reporting to Mr. Transier. Mr. Neilson
joined Endeavour in 2008 and has over 28 years of experience in the
oil and gas industry. Carl D. Grenz,
Executive Vice President of International Operations, is no longer
with the Company.
"Consolidating our U.K. operations in Aberdeen will improve productivity,
communications and generate substantial cost savings. Aberdeen is unquestionably the hub of the U.K.
North Sea oil and gas industry today," said Mr. Transier. "Mr.
Neilson's expertise in the North Sea and understanding of our
fields makes him the right individual to lead our efforts in the
next phase of the Company's growth. He is a highly respected
professional in the energy industry."
At Rochelle, the West
development well was completed and tested in July 2013 and the subsea infrastructure finished
earlier in the year. The Scott platform modifications are completed
and first production from Rochelle
is expected imminently.
For the third quarter, the Company is providing revised
production guidance of 7,500 – 8,000 barrels of oil equivalent per
day ("boepd"). Production volumes are lower than originally
anticipated primarily due to the delay in start-up of production at
Rochelle and downtime for annual
maintenance work.
Endeavour International Corporation is an international 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 www.endeavourcorp.com.