Oil and gas producer Endeavour International Corp said it would explore a sale of the company as it was disappointed by the "dislocation" between its share price and the underlying value of its assets. The company's U.S.-listed shares fell 34 percent to $3.24 on Thursday - their lowest in more than four years - after the company suspended drilling in a North Sea well damaged by a severe storm.Shares of the company, which had a market capitalization of about $230 million, have lost about half their value in the past 12 months as of Wednesday close, following seven quarters of losses.SunTrust Robinson Humphrey analyst Neal Dingmann cut his rating on the stock to "neutral" from "buy", citing the company's tight cash position, the lack of a credit facility and delayed potential cash flow from the Rochelle project that includes the damaged well.The work to repair the cementing around the well pipe has been completed, Endeavour said.
Endeavour International Corporation (Endeavour) is an independent oil and gas company engaged in the production, exploration, development and acquisition of crude oil and natural gas in the United Kingdom North Sea and the United States onshore. Shares of END fell by 31.98% or $-1.5799/share to $3.36. In the past year, the shares have traded as low as $4.66 and as high as $13.48. On average, 694021 shares of END exchange hands on a given day and today's volume is recorded at 2386171.
Source
