North Sea producer Endeavour International yesterday said a boost in output seen in the second quarter was due to continue as new projects continued to come on stream.
The firm, which has 30% equity in Apache’s Bacchus development, said production doubled in the second quarter, averaging 6,400 barrels of oil equivalent per day (boepd) compared with 3,200 in the same period last year.
The increase was helped by its purchase of an additional 23.43% stake in the Alba field, from Conoco-Phillips, taking its stake to 25.68%, it said. A further increase is expected in the third quarter from a new infill well at Alba, brought on stream in late June, plus production from Bacchus.
By the year-end, the firm also hopes to have its operated and 44%-owned Rochelle development online. In addition, a deal to buy stakes in MacCulloch and Nicol is expected to complete later this year.
Chief executive William Transier said: “The completion of the acquisition of Alba was a major accomplishment for the company. Alba is now the largest asset in our portfolio and provides a strong base of continuing production. For the second half of the year, we remain focused on our remaining objectives including closing the acquisition of MacCulloch and Nicol and startup of production at Rochelle.”
He said the Diamond Ocean Nomad rig was at the Rochelle field and due to start drilling the first of two planned development wells. The development will involve work on Nexen’s Scott platform, into which Rochelle gas production will be tied. First production is expected in the fourth quarter.
Endeavour’s second-quarter revenue was £14.7million, up from £12million a year earlier. Pre-tax losses increased from £8.6million to £41.61million.
Aberdeen-based oil and gas firm Dana Petroleum said yesterday that drilling on its Platypus gas discovery had shown strong results.
The appraisal well, drilled by the Ensco 80 jackup rig in the southern North Sea, had flowed at a rate of 27million cubic feet per day. Dana said the horizontal well would now be suspended for future use as a production well.
It holds a 59% operated interest in Platypus alongside Parkmead Group (15%), First Oil Expro (11%) and CalEnergy Gas (15%).
Parkmead, run by former Dana boss Tom Cross, said it was the first North Sea well in which it had participated since starting up.