Endeavour positive to Galvort natural gas dicovery well
Endeavour International Corporation (Amex: END) (LSE: ENDV), a company involved in the exploration, development, and production of oil and gas in the United Kingdom and Norwegian North Sea, today announced the 6407/8-4A sidetrack well to appraise the Galtvort natural gas discovery encountered a gas column in Middle to Lower Jurassic reservoir rocks. Interpretation of comprehensive well data suggests the gas water contact is at the same level as seen in the adjacent discovery well.
The Galtvort 6407/8-4A well was drilled to a vertical depth of 2,300 meters subsea (7,546 feet) in a water depth of 266 meters (873 feet). Its subsurface location is approximately 500 meters (1,640 feet) to the northeast of the bottom hole of the 6407/8-4S discovery well. The well is located in production license 348 in the Norwegian North Sea.
Endeavour Energy Norge AS holds 2.5 percent working interest in production license 348. Endeavour, as a result of a farm-out agreement with a private company, will be carried for all costs associated with the drilling of the two Galtvort well bores and the next exploration well in the license that is planned for 2009.
Under the current rig schedule, Endeavour plans to participate in six additional North Sea exploration and appraisal wells and one development well before the end of 2008. The company is the operator of three of the assets to be drilled.
