The boards of directors of both companies have approved the transaction, which is expected to be closed over the next 60 days.
The company will use the proceeds from this sale and the recently completed financing transaction to focus on its Rochelle and Bacchus development projects in the UK North Sea and onshore Haynesville shale gas play in the US.
Endeavour chairman, CEO and president William Transier said that the sale of Cygnus asset and the recent completion of the financing transaction places Endeavour in a fully funded position to execute its North Sea and US opportunities and achieve near-term production and cash flow growth.
