UK: Endeavour Buys More Stake in Alba Field
Endeavour International Corporation yesterday announced that it had completed the acquisition of the additional 23.43% working interest in the Alba field from ConocoPhillips.
The Alba oil field, 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.
Endeavour International Corporation is an international oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and United States.
Source: Endeavour International Corporation, June 1, 2012