The central body sits at the centre. The blue circle is the initial orbit r₁, green is the target orbit r₂, and the orange ellipse is the transfer arc. Short way is drawn solid, long way is dashed. The yellow dot is the spacecraft sweeping along the transfer arc.
$$c = \sqrt{r_1^{2} + r_2^{2} - 2\,r_1 r_2 \cos\Delta\theta}, \qquad s = \frac{r_1 + r_2 + c}{2}, \qquad a_{\min} = \frac{s}{2}$$
Chord c, semi-perimeter s, and the semi-major axis a_min of the minimum-energy ellipse. a_min is the special solution of Lambert's equation for which the orbital energy (−μ/2a) is minimised among all ellipses connecting the two points.
$$t_{\min} = \frac{1}{\sqrt{\mu}}\,\frac{s^{3/2}}{\sqrt{2}}\,\left[\,\pi - \arcsin\sqrt{1-\frac{c}{s}} + \sqrt{\frac{c}{s}\!\left(1-\frac{c}{s}\right)}\,\right]$$
Flight time on the minimum-energy ellipse (Lagrange's theorem). μ = GM is the central-body gravitational parameter. Once c, s and μ are fixed, the flight time is uniquely determined.
$$\Delta v_{\text{total}} = \left|v_p - \sqrt{\mu/r_1}\right| + \left|\sqrt{\mu/r_2} - v_a\right|, \qquad v_{p,a} = \sqrt{\mu\!\left(\tfrac{2}{r_{p,a}} - \tfrac{1}{a_H}\right)}$$
Total delta-v for a Hohmann (180°) transfer. a_H = (r₁+r₂)/2, v_p is the perigee speed and v_a the apogee speed. The total is the sum of the speed differences from the two circular-orbit speeds.