Endeavour Awarded Two Exploration Licenses in Norway.HOUSTON -- Endeavour International Corporation (AMEX AMEX See: American Stock Exchange :END) announced today that its subsidiary Endeavour Energy Norge AS has been awarded a 7.5 percent ownership in two licenses as part of the 2004 Awards in Predefined Areas (APA (All Points Addressable) Refers to an array (bitmapped screen, matrix, etc.) in which all bits or cells can be individually manipulated. APA - Application Portability Architecture ). The concession round is held annually by the Norwegian Ministry of Petroleum and Energy in mature parts of the Norwegian Continental Shelf The Norwegian continental shelf is the continental shelf over which Norway exercises sovereign rights as defined by the United Nations Convention on the Law of the Sea. Its major parts are the shelves of the North Sea, Norwegian Sea and Barents Sea, with the sector line in the . The awarded areas cover approximately 600 square kilometers or 232 square miles, equivalent to 30 Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east blocks, in the Njord area in PL 107 and PL 102 where Endeavour now holds a 2.5 percent ownership. The company and its partners are currently conducting exploration and exploitation activities in the Njord area that are expected to extend the life of the field beyond 2013. "These awards significantly expand our interests in an area where we believe Endeavour and its partners can increase productivity and longevity of its resources," said William L. Transier and John N. Seitz, co-chief executive officers of Endeavour International Corporation. "The announcement also illustrates the value that the purchase of OER OER Office of Extramural Research (US NIH) OER Open Educational Resources OER Officer Evaluation Report OER Optimized Edge Routing OER Office of Energy Research OER Owners' Equivalent Rent OER Operating Expense Ratio , now Endeavour Energy Norge AS, has created for the company. In less than a year, we have developed a portfolio of assets in the United Kingdom and Norway that offer both exploration and exploitation upside." As part of the awards, Endeavour Energy Norge AS and its partners have committed to conducting an exploration program over a two-to-three-year period that involves reprocessing Reprocessing may refer to:
The Ministry of Petroleum and Energy offered 28 production licenses to 21 companies that participated in the APA 2004 that included properties in the North Sea, in Haltenbanken in the Norwegian Sea Norwegian Sea, part of the Atlantic Ocean, NW of Norway, between the Greenland Sea and the North Sea. It is separated from the Atlantic by a submarine ridge linking Iceland and the Faeroe Islands, and from the Arctic by the Jan Mayer Ridge. and in the Barents Sea Barents Sea, arm of the Arctic Ocean, N of Norway and European Russia, partially enclosed by Franz Josef Land on the north, Novaya Zemlya on the east, and Svalbard on the west. around the Snohvit field. The blocks were awarded only to companies that have identified opportunities for continued exploration activities. In early 2004, Endeavour became a publicly traded U.S. independent energy company that has moved aggressively to establish a presence in both the United Kingdom and Norwegian sectors of the North Sea. Endeavour was awarded nine production licenses covering 18 blocks off the coast of the UK in the 22nd Seaward Licensing Round. Prior to the announced acquisition of OER, the company was notified by the Ministry of Petroleum and Energy in Norway Since the discovery of North Sea oil in Norwegian waters during the late 1960s, exports of oil and gas have become very important elements of the Economy of Norway. With North Sea oil production having peaked, disagreements over exploration for oil in the Barents Sea, the prospect of of its pre-qualification as a licensee in that country. Endeavour International Corporation is an international oil and gas exploration and production company primarily focused on the acquisition, exploration and development of energy reserves in the North Sea sectors of the United Kingdom and Norway. The company also holds interests in a gas development project in Thailand. For more information, visit www.endeavourcorp.com. Certain statements in this news release should be regarded as "forward-looking" statements within the meaning of the securities laws. These statements speak only as of the date made. Such statements are subject to assumptions, risk and uncertainty. Actual results or events may vary materially. |
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