Published 28 December 2011
US-based Endeavour International Corporation has entered into an agreement to acquire ConocoPhillips' interest in three producing oil fields in the UK North Sea for $330m.
The assets to be acquired have current net production of about 10,000 barrels of oil equivalent per day.
Endeavour estimates the assets' proved and probable reserves as of 30 June 2011 are in excess of 33 million barrels of oil equivalent.
The acquisition increases the company's current ownership interests in the Alba, MacCulloch and Nicol fields.
The transaction is expected to close in the first half of 2012, and the purchase price includes about $94m of tax attributes.
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