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Endeavour International Corporation Message Board

  • jimjones62 Nov 6, 2012 6:18 PM Flag

    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.

    Sentiment: Strong Buy

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