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Tuesday, 02 December, 2008, 04:20 GMT | more >>

Endeavour flags up new Agat deal



By Upstream staff 

Endeavour Energy has farmed out a 20% stake in Block 35/3 production licences PL 270 and PL 426, which hold the Agat gas find, to VNG Norge.

In exchange for the working interests, VNG will assume certain carry provisions for exploration costs. The agreement is subject to government approval.

Last month, Endeavour said that it would assume operatorship of PL270 from RWE Dea and increase its working interest in the licence.

In exchange, Endeavour would transfer a portion of its interest in PL426, of which it was already operator, to RWE Dea. This deal has been approved and comes into effect on 30 August.

Following the completion of both deals, Endeavour will be majority owner of both blocks with a 65% stake. VNG Norge will hold a 20% interest and RWE Dea 15%.

Endeavour estimates that PL 270 and PL 426 contain gross unrisked resources of more than 1.6 trillion cubic feet of gas equivalent, including the Agat find and other identified prospects and leads.

The two blocks lie on trend with the Gjoa field.


Tuesday, 28 August, 2007, 11:30 GMT  | last updated: Tuesday, 28 August, 2007, 11:34 GMT

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