Endeavour in talks on North Sea Alba field

Offshore staff

HOUSTON – Endeavour International (NYSE: END; LSE: ENDV) has started to work on a transaction concerning the Alba field in the UK central North Sea.

Completion of the transfer has been delayed, the company says, by certain co-venturers seeking agreement on the handling of future decommissioning costs. However, Endeavour says this matter was neither under discussion during execution of the purchase and sale agreement, nor is it required as a condition of closing.

As a current participant in Alba, Endeavour says it is in the best interests of all concerned to deal with future decommissioning plans and associated costs in time, but to close the Alba transaction immediately.  The company has proposed a solution along with ConocoPhillips, which is under consideration by the other co-venturers.

At the Endeavour-operated Rochelle project, the Diamond Ocean Nomad is due on location this month to drill the first of two planned development wells. Modifications to the host Scott platform continue as planned. Pipeline fabrication is completed and installation on the seabed floor is scheduled to start this summer.

Rochelle remains ontrack for start-up during the fall. The development spans UK blocks 15/26b, 15/26c, and 15/27.

5/11/2012

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