Endeavour International Abandons Tesla Exploratory Well

29 June 2009 (Last Updated June 29th, 2009 18:30)

Oil and gas company Endeavour International has plugged and abandoned Tesla exploratory well 22/24c-11 located in the North Sea after its failure to find gas condensate in commercial quantity. The 22/24c-11 well was drilled to a total depth of 15,291 feet to test the gas condensate res

Oil and gas company Endeavour International has plugged and abandoned Tesla exploratory well 22/24c-11 located in the North Sea after its failure to find gas condensate in commercial quantity.

The 22/24c-11 well was drilled to a total depth of 15,291 feet to test the gas condensate reserve potential of the Triassic sandstone.

Endeavour International holds a 15% working interest in the well having reduced its original 25% position to manage risk.

Endeavour chairman and chief executive officer William Transier said that the company is disappointed with the results.

"While we are disappointed by the Tesla news, Endeavour has drilled a string of 13 consecutive successful wells which is considered an uncommon feat in the North Sea," Transier said.

"The results of this well will not impact our underlying value or rapid growth plans in the United Kingdom and the United States."