Citigroup Maintains Neutral, $9 PT on Endeavour International

Citigroup reiterates its Neutral rating and $9 target price on Endeavour International

as North Sea Bacchus field retains the company's focus for next year. Citi comments, “The Bacchus oil field in the North Sea should be Endeavour's focus next year, with first production expected in 1H'12. Operated by Apache (END 30% WI), the field has been a constant headache for END, as multiple delays have further strained the company's already tight capital structure. Once Bacchus is online (we project the first well on stream in Q1'12), it is expected to more than double Endeavour's 2011 output and provide the capital necessary to finance further developments.” END closed at $6.96, up 3.11 percent, on Friday.