Capex Data
Endeavour International Corporation announces that the company plans to spend approximately $90 million of capital during 2008 to fund oil and gas exploration, development and producing activities in the North Sea.
More than half of the budget will be directed toward development projects and ongoing investments in producing assets. Some $20 million is expected to be spent for development drilling and facilities improvements to maintain current production levels. Another $30 million will fund the company's efforts in the United Kingdom (UK) to move the Cygnus and Columbus discoveries toward field development plans and for further exploitation of undeveloped reserves in the Renee field on Block 15/27.
An estimated $40 to $50 million will be allocated to five to nine exploration prospects in the North Sea. Approximately 60 percent of the exploration budget will be spent in Norway with the balance dedicated to drilling in the UK. In Norway, Endeavour will drill its first well as an operator with the Jade prospect on PL270 slated to begin drilling during the fourth quarter of 2008. The area is the site of the two Agat natural gas discoveries and the test will set out to identify additional reserves in support of development. Most of the remaining exploratory wells are outside operated. The timing and order of this program will be determined by the completion of ongoing technical work, partner approvals and rig scheduling for individual prospects.
2007 CapEx
Endeavour spend approximately $92 million during 2007 to fund oil and gas exploration and development in the North Sea.
2006 CapEx
Endeavour spent approximately $50 million during 2006 to fund oil and gas exploration and development in the North Sea.
Future Plans
No data yet.