Endeavour International Corporation has commented on stock price, and has updated the company’s Q2 2014 guidance.
On 10 June, Endeavour announced that it has received numerous calls from analysts and investors making inquiries regarding recent market activity in the company's stock. Management explained it was unaware of any reason why recent trading of the stock has resulted in a significant decrease in its price over the few days prior.
William L. Transier, company CEO, stated: "Endeavour remains committed to generating value for its shareholders through exploitation of our assets, operational efficiencies and managing the capital structure. Since our last update to the market in early May, our three large UK assets have been online and producing at consistent rates. As a result, we are revising our second quarter production guidance to 10,500-11,500 barrels of oil equivalent per day (boepd) up from our previous guidance of 9000-10,000 boepd.
"Regarding liquidity, we have executed another Forward Sale for US$ 22.5 million and have settled an insurance claim for the Rochelle E1 well, damaged in early 2013, for £7.5 million (approximately US$ 12.6 million). The insurance claim is expected to be paid before the end of this month."
Endeavour’s Q2 conference call will be held on 5 August 2014 to update the markets on its operational and financial activities.
Adapted from press release by Katie Woodward
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/18062014/endeavour_comments_on_stock_prices_and_updates_quarterly_guidance_860/