LONDON (Thomson Financial) - Endeavour International Corporation said it plans to spend about 90 mln usd of capital during 2008 to fund oil and gas exploration, development and producing activities in the North Sea.
For the full year to end-December 2008, Endeavour expects production of 8,600 - 9,000 barrels of oil equivalent per day (boepd) for the year.
As a result of its strong cash flow position and expanding portfolio of assets, the company has increased its capital budget by almost 20 mln usd from 2007, excluding acquisitions and capitalized costs, chairman, chief executive officer and president William L Transier said in a statement.
Looking ahead, the company said it expects to generate sufficient cash flow in 2008 to fund its capital program and to reduce debt by 25 mln usd. TFN.newsdesk@thomson.com kkb/sal COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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