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Endeavour buys stake in 3 North Sea oil fields
Created on Tuesday, 27 December 2011 12:48Category: Commodities
HOUSTON (AP) -- Endeavour International Corp. said Tuesday it paid $330 million for ConocoPhillips' interest in three oil fields in the U.K. North Sea.
Endeavour shares jumped $1.51, or 23.6 percent, to $7.91 in afternoon trading. ConocoPhillips gained 54 cents to $72.97.
Houston-based Endeavour said the combination of the purchase and existing projects will make it one of the biggest independent producers in the U.K. North Sea.
The wells are producing the equivalent of about 10,000 barrels of oil per day, and probable reserves are more than 33 million barrels, Endeavour said.
The company said the acquisition by its Endeavour Energy UK Ltd. subsidiary increases its holdings in the Alba, MacCulloch and Nicol fields. Production is almost entirely oil, which will increase the company's cash flow, it said.
The price includes $94 million in tax attributes, the company said.
The purchase is expected to close in the first half of next year and be effective retroactively to Jan. 1, 2011.
Courtesy Yahoo Financial News