Project progress posted by Endeavour

Published 09.03.2010 12:23:58 by John Bradbury

Development planning for four UK North Sea projects has been indicated by UK and US-based Endeavour Energy which has predicted capital spending of $90 million in 2010.

Endeavour said it is making progress on three if its UK fields and a fourth is being matured to the development stage.

With $90 million of capital spending for this year, the company stated today: “Endeavour expects to fund its planned capital spending from cash on hand and cash flow generated by operations. “

At the UK Rochelle field where Endeavour has 55.6% equity, the company said a development plan has now been filed with the UK government for approval and first production is expected in 2011.

A environmental impact statement has been completed for a pipeline corridor and a subsea development related for Rochelle, Endeavour stated.

At the UK Cygnus gas field, further appraisal drilling is underway to test two further fault blocks within the area, and again, a field development plan has been filed, to initially tap the eastern section of the field with first production next year. Endeavour holds 12.5% equity in Cygnus.

At the Bacchus discovery which was first made in 2005 in UK Central North Sea block 22/6a, in which Endeavour holds 10%, a development plan is expected to be sanctioned this year. A down-dip sidetrack well has since been drilled on Bacchus which tested at 1,000 b/d of oil and the discovery is due to be tapped as a three-well subsea tieback to the Apache-operated Forties field, with first production next year.

And at the Columbus gas field, Endeavour reports that a host platform has been identified to tap the discovery and commercial negotiations are underway to secure first production in 2012. Endeavour has 25% equity in the Columbus.

For the fourth quarter last year Endeavour reported a US $42.61 million net loss, compared with $56.41 m profit in the fourth quarter 2008.

Revenue for the fourth quarter was down to $20.11 m. from $25.46 m last year.

For the full year Endeavour recorded a net loss of $62.20 m, compared with a $45.68 profit for the prior year after 2009 revenue of $62.293, compared with $170.78 in 2008.

“Proved and probable reserves at year-end 2009 increased to 38.9 mm boe compared to 26.1 mm boe a year ago excluding Norwegian assets sold during the year,” Endeavour stated.

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