Endeavour International, the oil exploration and production company, has launched an offer for Ithaca Energy in a move to combine the North Sea assets of the two businesses.

The company, which already owns a 2.4 per cent stake in the target, is offering $3.25 a share in a mix of cash and shares. The non-binding offer comes at a 44 per cent premium to Ithaca’s closing price on Wednesday, and values the equity at $364m (£186m).