ENDEAVOUR International, the Houston-based oil and gas operator with growing interests in the UK North Sea, said yesterday the second quarter of 2009 had been one of strategic significance for the company.
Chairman and chief executive William Transier said the quarter had seen the completion of the sale of Norwegian operations, a significant reduction in debt and the expansion of portfolios both in the UK and US.
“With better-than-expected results from appraisal drilling at the Rochelle and Cygnus discoveries, we are now moving forward with three North Sea developments that will significantly increase our UK production and provide the financial foundation to pursue other growth opportunities.”
He said the sale of Norwegian operations for £88.75million had increased the company’s financial flexibility and strength. Besides exploring in the UK at Rochelle and Cygnus, where Endeavour holds 55.6% and 12.5% respectively, the company has farm-in agreements to participate in central North Sea exploration wells at Maureen, Deacon and Centurion. It is also pursuing with partners development of the Columbus gas field.
Endeavour reported net income of £4.2million for the quarter against losses of £39.5million a year earlier.