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To acquire 20% WI in production licenses PL 270 and PL 426 in Block 35/3 on the continental shelf.

Stavenger, Norway-based VNG Norge AS will acquire a 20% working interest in production licenses PL 270 and PL 426 in Block 35/3 on the Norwegian continental shelf from Endeavour Energy Norge AS, a subsidiary of Endeavour International Corp., Houston (Amex: END). The assets contain 100,000 acres and include the Agat natural gas discovery and other drilling opportunities. VNG will assume certain carry provisions for exploration costs. Endeavour assumed operatorship of PL270 from RWE Dea Norge AS and increased its working interest in the license, in exchange for RWE receiving a portion of its interest in PL426. Endeavour is operator and will be majority owner of both blocks with a 65% working interest, VNG will hold 20% and RWE will own 15%. PL 270 and PL 426 feature gross unrisked resources of more than 1.6 trillion cubic feet of gas equivalent, including the Agat discoveries and other identified prospects and leads. Endeavor chairman, chief executive and president William L. Transier says, "As operator with a controlling interest in the block, we are committed to realizing as soon as possible the full potential of this area where two discoveries have already been made. VNG's involvement in Agat is a significant step forward in our strategy to strengthen our base in Norway and will help us accelerate the exploration and development of a region that has the capability to dramatically increase our reserve base."