Count down to closing deal and adding 4000 barrels of oil a day
Looking for a $1-2 pop once it happens
Endeavour International Corporation (the "Company") previously reported that on December 23, 2011, the Company, through its wholly owned subsidiary Endeavour Energy UK Limited ("EEUK"), entered into a Sale and Purchase Agreement (the "Purchase Agreement") with ConocoPhillips (U.K.) Limited, ConocoPhillips Petroleum Limited and ConocoPhillips (U.K.) Lambda Limited (collectively, the "Sellers") to acquire the Sellers' interest in three producing U.K. oil fields in the Central North Sea for $330 million. On May 31, 2012, the Company closed on the acquisition of the Sellers' interest in the Alba field under the Purchase Agreement. Pursuant to the terms of the Purchase Agreement, the deadline for fulfillment of conditions precedent and other terms required for completion of the acquisition of the Sellers' interests in the MacCulloch and Nicol fields was October 31, 2012.
On October 31, 2012, the Company, through EEUK, and the Sellers entered into a letter agreement to amend the Purchase Agreement (the "Amendment") to extend the deadline for the Company to close on the Sellers' interests in the MacCulloch and Nicol fields from October 31, 2012 to November 30, 2012.
yea well I hope you are right but you have to keep in mind that END has not yet ever hit a deadline. we have had one excuse after another and endless delays. Now we face two crucial deadlines that wil determine the fate of END and the ability of Billy to keep his job as the CEO. The closing of the Conoco wells is the first deadline. The second (and more important) is the Rochelle production coming on line in January. END must finally execute or management must be replaced. Tomorrow , Billy talks to another oil conference so lets hope he has good news.
END , I hope makes it, but never seems to be "On Time", Question is what if Nov 30 '12 is not the final day and it ends up being longer "again!". I understand that they really want this otherwise they would have dropped this but wasn't money borrowed in order to cover this purchase ? How would the company be able to pay back loans if this transaction fails. And why is the process taking this long - is it due to ENDS instability ? PR really is something that this company needs. And no I am not a short just a disgruntled stock owner!