Poor results spell end of UK exploratory gas well

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LONDON, June 30 | Tue Jun 30, 2009 9:01am EDT

LONDON, June 30 (Reuters) - The UK North Sea Tesla exploratory gas well was abandonded and plugged after the failure to find enough gas, said U.S. energy producer Endeavour International END.A.

"While we are disappointed by the Tesla news, Endeavour has drilled a string of 13 consecutive successful wells which is considered an uncommon feat in the North Sea," said chief executive officer William L. Transier in a statement.

"The results of this well will not impact our underlying value or rapid growth plans in the United Kingdom and the United States."

Endeavour said it spent $8.3 million on its portion of the exploration programme, and held a 15 percent interest in Tesla. The rest of the project was owned by GDF Suez (GSZ.PA), BP Plc (BP.L), and RWE Dea [RWEDE.UL]. (Reporting by Kwok W. Wan; editing by James Jukwey)

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