Endeavour International Corporation - Is The Bottom Reached?
Mikael Schlaug • 14 Comments
Mikael Schlaug • 14 Comments
Nov. 14, 2014, 11:30 AM
- Endeavour International (END, OTCPK:ENDRQ) says William Transier will give up his role as CEO and President effective Dec. 1, but will remain the company's Chairman.
- END filed for Chapter 11 bankruptcy protection last month as it faced high levels of debt and disruptions at its biggest oil fields in the U.K. North Sea.
- END says a Delaware bankruptcy court has scheduled hearings Dec. 17 and Feb. 3 on proceedings related to its plan to reorganize.
Oct. 15, 2014, 4:45 PM
- Endeavour International (NYSE:END) offers a bit of encouraging news in the midst of early bankruptcy proceedings, as one of its biggest oil fields in the U.K. North Sea is back online.
- The Rochelle field, in which END owns a 44% stake, began pumping oil and gas again on Oct. 12 after production had been stopped last month for repairs, and is now pumping 90M cf/day of gas along with ~4,600 bbl/day of associated liquids.
- Oil production often has been delayed or disrupted at END's three biggest fields in the North Sea, which account for most of the company's cash flow.
Oct. 12, 2014, 11:40 AM
- Endeavour International (NYSE:END) filed for bankruptcy protection late Friday night, saying it has a restructuring agreement with some creditors.
- More than two-thirds of certain boldholders approved a restructuring support agreement that would reduce debt by $568M, END said; the common stock will be canceled, while new debt and shares will be issued to the noteholders.
- The company’s debt totals ~$1.2B, according to Chapter 11 filings.
Oct. 10, 2014, 2:43 PM
- Endeavour International (NYSE:END) remains halted for a fourth straight day after a string of announcements (I, II, III) of extensions of its forbearance agreements with noteholders after previously failing to make interest payments on its debt, including after a grace period that ended Oct. 1, and causing a default.
- At the beginning of the week, the financially strapped E&P company said it had hired Houston-based Opportune LLP and its managing director as its new chief restructuring officer.
Oct. 8, 2014, 7:57 AM
- Endeavour International (NYSE:END) announces a one-day forbearance agreement with noteholders, after failing to make interest payments due on Sept. 2, triggering a 30-day grace period which closed Oct. 1.
- END says it remains in talks with its debtholders regarding a debt restructuring plan the company would agree prior to entering into Chapter 11 protection.
- Shares have been halted since the opening minutes of yesterday's trade.
Sep. 29, 2014, 11:57 AM
- Endeavour International (END -8%) says the Rochelle field in the North Sea remains offline, with production not expected to begin before Oct. 10.
- END had warned earlier this month that Rochelle would be offline until repairs to the dry gas export compressors on the Scott platform were completed; those repairs were completed, but the gas cooler failed a leak test during commissioning.
- END has a 44% working interest in the Rochelle field.
Sep. 16, 2014, 11:32 AM
- Endeavour International (END -5.6%) says the Rochelle field, one of its North Sea producing fields, will be offline until repairs to the dry gas export compressors on the Scott platform are completed.
- Due to the unplanned downtime at the Rochelle site, END lowers its Q3 production guidance by 500 boe/day to 9K-10K boe/day.
- END expects the Rochelle field to come back online later this month.
Sep. 2, 2014, 4:44 PM
- Endeavour International (NYSE:END) -33.3% AH after announcing that it will not pay ~$33.5M in interest due Sept. 2 on its 12% first priority notes due March 2018, 12% second priority notes due June 2018 and 6.5% convertible senior notes due Nov. 2017.
- END says the notes include a 30-day grace period during which the company may elect to make the interest payment and cure any potential event of default for non-payment.
Aug. 5, 2014, 9:17 AM
Aug. 5, 2014, 5:59 AM
- Endeavour (NYSE:END): Q2 EPS of -$0.72 may not be comparable to consensus of -$0.33.
- Revenue of $44.86M (-64.4% Y/Y) misses by $41.37M.
Aug. 4, 2014, 5:30 PM
- ACM, ACT, ADM, AEE, AKRX, ALLT, AME, AMSC, ANSS, ARCC, ARCO, ARQL, BCRX, BLMN, CIE, CLDT, CNK, COH, CRZO, CVC, CVS, DWRE, EMR, END, ENZY, EXH, EXLP, EXPD, FE, FUN, GLDD, GTIV, GTXI, HCLP, HCP, HEP, IART, IFF, IIVI, INFI, IT, KWK, LIN, LPX, MDU, MGM, MMP, MSI, MWW, MZOR, NILE, NNN, [[NTi]], NVDQ, NWN, ODP, OXF, OZM, PMC, RBA, REGN, RHP, RIGL, RTI, SCMP, SCOR, SMG, SNSS, SPAR, STE, TDG, VMC, VSI, VTG, WLK, WNR, ZBRA, ZTS
Jun. 16, 2014, 6:19 PM
- ADRs of oil and gas explorer YPF, bank BBVA and Latin America-focused wireless firm NII Holdings (NASDAQ:NIHD) fell sharply today in reaction to a setback for Argentina's defaulted bonds which sent the country's markets reeling, taking select U.S.-listed stocks lower.
- The U.S. Supreme Court today left intact rulings that may force Argentina to pay billions of dollars to holders of repudiated bonds, rejecting an appeal in a case that has blocked the country from international debt markets for more than a decade and could prompt the government to default for a second time in 13 years.
- YPF -11.9%, BBVA -0.8%, NIHD -11.3%, END -14.5%, TGS -10.6%, PZE -8.3%, GGAL -8.1%, PAM -6.6%, APSA -4.2%, NTL -3.3%.
- ETF: ARGT
Jun. 11, 2014, 9:13 AM
Jun. 10, 2014, 12:46 PM
Jun. 10, 2014, 10:16 AM
- Endeavour International (END +42.3%) raises its Q2 production guidance to 10.5K-11.5K boe/day, up from its previous guidance of 9K-10K boe/day, citing its three large U.K. assets which have been online and producing at consistent rates.
- Regarding liquidity, END says it has executed a forward sale for $22.5M and has settled an insurance claim for the damaged Rochelle E1 well for ~$12.6M.
- Before today's gain, the share price had been cut nearly in half since the start of the month, and management says it is unaware of any reason for the sharp drop.
Jun. 9, 2014, 12:45 PM
Endeavour International Corp is an independent oil and gas company engaged in the acquisition, exploration and development of energy reserves and resources such as crude oil and natural gas in the United Kingdom North Sea and United States onshore.
Sector: Basic Materials
Industry: Independent Oil & Gas
Country: United States
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