Offshore staff

(Aberdeen) Upcoming North Sea independent Endeavour Energy UK is to acquire a package of producing interests from Talisman subsidiary Paladin Resources. The main assets are 77.5% of the Renee field, 40.78% of Rubie, and 23.4555% of Ivanhoe Rob Roy/Hamish, all of which are produced through the same semisubmersible platform. Endeavour will also pick up 55.62% of the undeveloped Rochelle discovery in the Renee/Rubie area.

The sale price is $414 m, subject to UK government/third party approvals. Talisman CEO Jim Buckee said the interests were high quality, but non-strategic to his company. Rationalization of UK interests has been planned following Talisman's takeover of Paladin last year.

05-29-06