Endeavour Announces Launch of Marketing Process for North Sea Assets
Monday 1 June 2015
Endeavour International Corporation announced today that the Company's Board of Directors has authorized the immediate launch of a marketing process in the U.K. for the sale of all or substantially all of its North Sea oil and gas assets. Blackstone Advisory Partners L.P. has been engaged as the Company's financial advisor in this process.
Endeavour will consider a full range of options in order to unlock the value underlying the Company's assets, including a sale of individual North Sea assets. The Company believes that a timely sale of all or part of its North Sea assets may provide the best means to preserve and protect the value of the assets, with the ultimate goal of maximizing the benefit to the stakeholders.
While the Company pursues the marketing process, it will remain focused on executing its operational plan. The Company does not expect to comment further or update the market with further information on the process unless and until the Board of Directors has approved a specific transaction or otherwise deems disclosure appropriate or necessary. There is no assurance that this marketing process will result in Endeavour pursuing a particular transaction or completing any such transaction.
Endeavour in the North Sea
Endeavour was created in 2004 to find and to develop oil and gas reserves in the U.K. North Sea, one of the most prolific energy basins in the world. Since inception, the company has successfully used the first regional 3D seismic database to participate in the acreage licensing rounds and to develop a portfolio of core assets. Today, Endeavour owns interests in five producing oil and gas fields in the United Kingdom North Sea – Alba, Bacchus, Rochelle, Bittern and Enoch.