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February 14, 2013
05:26 EDTENDEndeavour provides Rochelle drilling update
Endeavour announced a drilling update on the East Rochelle well in the U.K. Central North Sea. Following a severe storm lasting several days, the company performed a routine inspection of the conductor, well head and blow out preventer systems using a Remote Operated Vehicle. Inspection of the well revealed that the cement around the top of the 36" conductor pipe, that anchors the well to the seabed floor, had been removed creating a non- uniform hole around the conductor. The hole extended approximately 4 to 7 feet in diameter and 25 feet in depth. As a result of this finding, drilling operations have been suspended on the East Rochelle well. The Company is conducting a thorough analysis to identify the cause of the cement loss and evaluate if there has been any potential fatigue damage to the conductor itself. The work to repair the cementing around the conductor pipe has been completed. Preparations are now being made to move the Transocean Prospect rig to the West Rochelle area to commence drilling of the second production well, allowing for the start- up of the Rochelle development. The time to drill the West Rochelle production well is estimated at approximately 120 days. Once the investigation and fatigue analysis are concluded, the company anticipates that drilling operations will re-commence at East Rochelle.
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April 16, 2014
19:03 EDTENDEndeavour settles litigation with SM Energy
Endeavour (END) has reached a settlement with SM Energy (SM) regarding litigation filed against Endeavour in December 2011. Endeavour will pay SM Energy $5M and issue a note for $4.5M. The note will be paid in three graduated payments beginning in twelve months. Endeavour has also agreed to issue warrants valued at $3.75M (approximately 2.13M shares with a strike price of $5.29.) The total settlement expense to be recorded will be $19.25M, which includes deposits of $6M paid prior to the execution of the agreements.
10:28 EDTENDHigh option volume stocks: DNR INFY FSL END SQQQ
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