Endeavour completes deal for ConocoPhillips’ Alba stake

By Rob Watts

 07 June 2012 22:59 GMT

Houston-based Endeavour International has completed its acquisition of ConocoPhillips’ interest in the UK North Sea Alba field after saying last month it had been delayed by a disagreement about decommissioning liabilities, writes Rob Watts.

The completion means Endeavour has avoided having to redeem the proceeds of a private placement, including penalties and interest, which would have been more than the total funds placed in an escrow account to cover the deal. It would also have been required to repay $40 million of outstanding borrowings under its new revolving credit facility.

Endeavour said in a statement the cash had been released from escrow.

“The proceeds have been used to fund the acquisition and to repay outstanding amounts under the senior term loan,” it said.

Endeavour announced in December it…

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