Endeavour International, an oil and gas exploration and production company, has sold its 12.5% interest in the Cygnus gas field to Bayerngas UK.
The UK oil and gas subsidiary of Norway-based Bayergas Norge purchased the Cygnus asset in the Southern Gas Basin of the North Sea for a cash consideration of $110m.
In August, Endeavour said it will use the proceeds from this sale 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 this sale allows Endeavour to reallocate resources to nearer term growth projects and take execution risk out of its business model.
Endeavour is focused on the acquisition, exploration and development of energy reserves in the North Sea and the US.