Endeavour International Corporation (NYSE:END) (LSE:ENDV) made a successful discovery in the West Rochelle area of the UK North Sea.
The West Rochelle well was spudded on September 3 and reached a total depth of 10,787ft on October 7, encountering natural gas with an oil rim in an excellent quality reservoir similar to that discovered at Rochelle. The well is currently being sidetracked to the north in order to further appraise the extent of reservoir. Updates will be provided as more information on the field becomes available.
The Greater Rochelle area is comprised of three blocks in the North Sea – 15/26b, 15/26c and 15/27. Endeavour holds a 55.6 percent interest and is the operator in block 15/27 with its partner Nexen Petroleum U.K. Limited and has a 50% working interest and operatorship of 15/26c. Nexen and Premier Oil plc have each farmed into block 15/26c for 25% working interest.
William L. Transier, chairman, chief executive officer and president said:
"This discovery in West Rochelle provides further evidence that the Rochelle area is a significant hydrocarbon region. The quality technical work and drilling operations by our team and partners continues to expand the reserves and economic impact of the entire Rochelle area. This represents another addition to reserves for our company and underscores the strength of our exploration team."
The company is currently mulling development options for the Rochelle field.