Endeavour increases working interest in Alba field

Endeavour International has completed the acquisition of an additional 23.43% working interest in the Alba field from ConocoPhillips.

The Alba oil field - which is located in block 16/26a in the Central North Sea - is a late Eocene reservoir that has been producing since 1994.

Endeavour's newly-acquired working interest combined with its previous ownership position takes the company's total working interest in the field to 25.68%.

As a result of the completion of the additional working interest in the Alba field, the net proceeds from the 2018 notes offering have been released from escrow.

The proceeds have been used to fund the acquisition and to repay outstanding amounts under the senior term loan.

Story provided by StockMarketWire.com

01/06/2012