Endeavour International said yesterday it was preparing to drill the West Rochelle prospect, which straddles blocks 15/26c and 15/26b in the UK North Sea.
The Houston-based oil and gas operator with interests in the UK North Sea said drilling results were expected early in the fourth quarter.
Nexen Petroleum will operate the well and the 15/26b participants will carry Endeavour’s share of the cost.
Endeavour is operator of the 15/26c licence with a 50% interest. It said that with success, the West Rochelle accumulation would be developed as a tieback to the Rochelle field.
Endeavour is operator and holds 55.6% interest in Rochelle, with Nexen holding the remaining interest.
The company also reported successful appraisal drilling on the Cygnus gas field during the second quarter, with a well flowing at an initial rate of 29million cubic feet of gas per day. It said the estimated ultimate recovery of Cygnus could reach 2trillion cu ft.
Endeavour reported net losses of £9.17million for the six months to June 30 compared with a £4.43million deficit 12 months earlier.
Revenue was £22.17million against £21.64million the year before.
Meanwhile, Canadian Natural Resources (CNR) said it had delivered solid results in the first half of 2010.
The company, strongly represented in the UK North Sea, reported net earnings of £948million for the six months to June 30 compared with £288.8million a year earlier. Revenue was £4.49billion, up from £3.05billion the year before.
It revealed record overall production for the second quarter of 649,195 barrels of oil equivalent per day, a year-on-year increase of 10% and 6% higher than the first quarter. It said North Sea production had exceeded guidance despite being down 7% year-on-year in the second quarter at 37,669 barrels of oil per day