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Endeavour International Management Discusses Q2 2012 Results - Earnings Call Transcript

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Now for some opening comments, I'll turn the call over to Bill.

William L. Transier

Thank you, Darcey. Good morning to all of you, and happy to have you on with us for this quarter. As you can tell from our release this morning, it was a busy and very productive quarter for the company. Just in terms of things that we accomplished during the quarter, we completed the Alba portion of the acquisition from ConocoPhillips. We completed an equity offering to provide some cushion against any further delays in the completion of our capital plans for 2012 that seem to be on track for us.

We've completed 2 letter of credit facilities for decommissioning security in the U.K. North Sea in a revolving credit agreement. We also added a new member of our senior leadership, Ralph Midkiff our Senior VP and General Counsel. And then just in the days following the end of the quarter, we also -- as you saw in the announcement this morning, announced the second well in our Bacchus development program that we're extremely excited about. And then, we also took the rig to start our drilling at Rochelle.

Let me just comment on a few things here to begin with, and then we'll go to Mike and Carl to give you some more updates. First about the Alba transaction. No question that the completion of this purchase of this additional interest from ConocoPhillips was a major accomplishment for the company. At our call last quarter, you might remember I was fairly reserved about our ability to come to an agreement with the existing partners regarding how to handle the decommissioning security. It's important to note that we do not expect to incur any decommissioning costs for many years at Alba, based upon what we see in the reservoir and the activities that are planned going forward.

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