Endeavour International Corporation (NYSE:END) Resumes Production

Posted by Lynn Eisler February 27, 2014 0 Comment 812 views

Endeavour International Corporation (NYSE:END) announced on 26th February that the operations at its Rochelle plant have resumed post the resolution of the issue with one of its stuck valves. With the pumping operations back on track, production is expected to resume by end of this week.

Production Stalled in East Rochelle E2

 The disruption in production had happened when one of the valves positioned on the outlet side of the “East Rochelle E2” drill, which is part of the larger “West Rochelle W1 well” complex broke down in the “off” position. When the computers noticed pressure starting to build up in the drill, the drilling operations were stopped and a deep sea, underwater craft which specializes in under water repair and support for oil rigs was commissioned to resolve the situation on 22nd February.

Faulty Valve Replaced

The support team had managed to replace the broken down valve and radioed yesterday that the valve was back in operation. The same was also confirmed by the on board computers which monitor the pressure response. With the successful repairs, the Rochelle E2 well is expected to start regular production by end of the week, which would in turn bring the larger “West Rochelle W1 well” complex production status to full capacity.

Stock Rallies On Positive News

The Rochelle oil filed had commenced production in the last quarter of 2013 and Endeavour International Corporation (NYSE:END) has a 44 percent stake in the working interests of this oil drill. The small capped oil and gas mining firm’s stock, which had accumulated sales of $318 million in the past four quarters, shot up by substantive 6 percent during yesterday’s trading post the positive news coming in from the repair craft. The oil and gas mining firm has been attempting to steady its production and in turn ramp it up to sustainable levels in order to run a cash positive business.

About Lynn Eisler

Lynn Eisler is a national news reporter focusing on economic issues, data analysis and the financial health of state and local governments. Lynn has been honored with the H.L. Mencken Award for Investigative Reporting, the Champion of Justice Award for reporting on the drug war, and the John Hancock Award for business reporting. Lynn was also a Knight Medical School Fellow at the University of Michigan.

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