HOUSTON, Feb. 14, 2013 /PRNewswire/ -- Endeavour International Corporation (NYSE: END) (LSE: ENDV) ("Endeavour" or the "Company") today announced a drilling update on the East Rochelle well (15/27-E1y) in the U.K. Central North Sea.
Following a severe storm lasting several days, the Company performed a routine inspection of the conductor, well head and blow out preventer systems using a Remote Operated Vehicle (ROV). Inspection of the well revealed that the cement around the top of the 36" conductor pipe, that anchors the well to the seabed floor, had been removed creating a non- uniform hole around the conductor. The hole extended approximately 4 to 7 feet in diameter and 25 feet in depth.
As a result of this finding, drilling operations have been suspended on the East Rochelle well. The Company is conducting a thorough analysis to identify the cause of the cement loss and evaluate if there has been any potential fatigue damage to the conductor itself. The work to repair the cementing around the conductor pipe has been completed.
Preparations are now being made to move the Transocean Prospect rig to the West Rochelle area to commence drilling of the second production well, allowing for the start- up of the Rochelle development. The time to drill the West Rochelle production well is estimated at approximately 120 days.Once the investigation and fatigue analysis are concluded, the Company anticipates that drilling operations will re-commence at East Rochelle. Endeavour is the operator of the Rochelle development and has a 44% working interest in the field located in Blocks 15/26b, 15/26c and 15/27. 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. For more information, visit www.endeavourcorp.com. SOURCE Endeavour International Corporation
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV