Shares of Endeavour International's stock (END) plunged today. The stock fell 28.14%, making it the second biggest loser across the Nasdaq and NYSE.
Investors rushed to sell the company’s stock (END) as the oil and gas exploration and production company announced that it was suspending drilling operations at its "East Rochelle well" and was also reviewing “Strategic Alternative” plans to sell itself.
In exploring alternatives to sell the company, the firm’s CEO William Transier directed his frustration at investors’ inability to accurately value the firm’s stock price. He stated that “our board of directors, management and shareholders continue to be disappointed by the dislocation between the underlying asset values and our stock price. We have built a world class operational team and portfolio of assets in the North Sea”.
Transier also cast blame on the North Sea, announcing that “delays and the high cost environment of the North Sea continue to impact our ability to execute effectively on our strategic plan."[related2][/related2]