OIL and gas explorer and producer Endeavour International said it had made substantive progress on its North Sea development projects in addition to growing its position in unconventional gas in the US.
The Houston-based firm, which has offices in Aberdeen, said it is due to finalise a rig contract during the current quarter for work on its East Rochelle field in the North Sea.
Subsea engineering work to develop the field, some 115 miles north-east of the Granite City and to be tied back to Nexen’s Scott platform, has already started with contracts issued to Aker Solutions and Technip.
Reporting its second-quarter results yesterday, Endeavour also said drilling on three production wells on the Apache-operated Bacchus field, in which it has a 30% interest, was under way with production expected to start in the fourth quarter of this year.
In America, the firm has increased its acreage in the Marcellus Shale play to an interest in about 93,000 gross acres. It said this was one of the most active and low-cost US shale plays and provided significant production and reserve potential.
Endeavour posted a fall in revenue from £12.9million to £11.6million in the second quarter, compared with the same period in 2010.
It reported pre-tax losses of £8.3million, compared with profits of £3.4million in the same period of 2010.