This transaction represents a purchase of 3.5 million barrels of oil reserves for a cash consideration at closing of $9.57m and $6.38m three months after first oil.
The Bacchus development, operated by Apache, is a three well subsea development with a tie back to the Forties Alpha platform.
Endeavour has increased its total working interest to 30% in the project. The project has received FDP approval and is expected to have first oil in mid 2011.
Endeavour said that the construction of subsea components has commenced.
The company has also acquired a 30% interest in Block 21/9 containing the Val d’Isere exploration prospect, as part of the same transaction.
The closing is subject to customary government and partner approvals and is targeted to be completed by year-end.
