Endeavour International Corp.’s (OTC: ENDRQ) (LSE: ENDV) board of directors has authorized the immediate launch of a marketing process in the UK for the sale of all or substantially all of its North Sea oil and gas assets. Blackstone Advisory Partners LP has been engaged as the company's financial advisor in this process.
Endeavour will consider a full range of options in order to unlock the value underlying the company's assets, including a sale of individual North Sea assets. The company believes that a timely sale of all or part of its North Sea assets may provide the best means to preserve and protect the value of the assets, with the ultimate goal of maximizing the benefit to the stakeholders.
Endeavour separately announced its proposed sale of substantially all of the company's US assets, including bid procedures and notice of an auction, in a motion filed with the US Bankruptcy Court for the District of Delaware on April 29.