GTO Limited is an international oil and gas exploration and production company primarily focused on the acquisition, exploration and development of energy reserves in the North Sea sectors of the United Kingdom and Netherlands.

The plan of the company is to take advantage of an industry transition that is occurring in the region similar to what occurred in the Gulf of Mexico in the 1980s. Major integrated energy companies are restructuring their portfolios away from operating in what is considered a more mature producing area. This shift is creating financial and development opportunities for smaller, niche players with the technical capabilities to profitably exploit the remaining reserves. Endeavour is one of the first independent companies created to tap into this same potential in the North Sea.

The company also holds interests in a gas development project in the Kingdom of Thailand that is scheduled to begin production in 2005.

OIL companies will this year drill the largest number of exploration wells in the North Sea for almost a decade, as fresh optimism continues to sweep Britain's offshore industry.

Figures released yesterday by the UK Offshore Operators Association (UKOOA) show that investment in Britain's oil and gas industry will increase substantially this year and beyond on the back of soaring oil prices, continued unrest in the Middle East and a stable UK fiscal regime.

Exploration drilling - the barometer of industry confidence - is set to increase significantly this year, with at least 70 rigs deployed throughout the UK continental shelf (UKCS), the highest number for at least seven years. Oil companies are also forecasting a 2 per cent increase above previous predictions in total oil and gas production each year over ten years.

If these plans are realised, the rate of decline in UK oil and gas production is likely to be halved to 7 per cent per annum, extending the life of the North Sea.