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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Encore Oil | LSE:EO. | London | Ordinary Share | GB00B06KL332 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 69.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9889K EnCore Oil PLC 25 October 2006 PRESS RELEASE For immediate release: 25 October 2006 EnCore Oil plc to acquire additional portfolio of UK offshore blocks through the acquisition of four companies The Directors of EnCore Oil plc ("EnCore" or the "Company") are pleased to announce that the Company has entered into sale and purchase agreements for the acquisition of four oil and gas exploration companies: privately held Virgo Oil & Gas plc and Virgo Energy Limited, Nido Petroleum (UK) Limited, a UK subsidiary of Australian listed Nido Petroleum Limited, and Grove Energy (UK) plc, a UK subsidiary of Toronto and AIM quoted Grove Energy Limited. These acquisitions add a number of UK licensed Blocks and part Blocks in the North, Central and Southern areas of the North Sea. Consideration for the acquisitions consists of the issue to the vendors of 37,000,000 new ordinary shares of 5p in the Company and will represent approximately 15% of the enlarged share capital of the Company. The number of Ordinary Shares in issue following completion of these transactions will be 241,885,286. Completion of these acquisitions, which is expected to occur before the end of the year, is subject to the usual regulatory consents including DTI consent. Alan Booth, EnCore's Chief Executive Officer, commented: "We are very pleased with the acquisition of these assets. This acquisition is a continuation of our ongoing strategy of broadening and deepening our opportunity set and balancing the associated risk profile. Our offshore UK exploration portfolio now includes a significantly increased presence in the Southern Gas Basin and exposure to additional near term drilling opportunities. The increased portfolio will provide us with an enhanced ability to manage our portfolio and to prioritise those assets which we believe are more likely to create sustainable and realisable value for our shareholders." A full list of the licences to be acquired is set out as an Appendix to this announcement. For further information, please contact: EnCore Oil plc www.encoreoil.co.uk Alan Booth, Chief Executive Officer +44 (0)20 7224 4546 Eugene Whyms, Chief Financial Officer Aquila Financial Limited www.aquila-financial.com Peter Reilly +44 (0)20 7202 2601 Appendix: Licence Interests to be Acquired Licence Traditional/ Blocks & Part Interest Operator Location Number Promote Blocks (%) P.1064 Traditional 210/25b & 210/30 40 Sterling Northern Resources North Sea P.1199 Promote 210/29 40 Sterling Northern Resources North Sea P.1230 Promote 42/13 15 Sterling Southern Resources North Sea P.1237 Promote 43/8 100 Virgo Southern North Sea P.1241 Promote 47/9c 50 Corsair Southern North Sea P.1243 Promote 48/1b & 48/2c 50 Nido Southern North Sea P.1327 Promote 42/8, 42/9 & 42/ 15 Sterling Southern 14 Resources North Sea P.1328 Promote 42/12 15 Sterling Southern Resources North Sea P.1332 Promote 43/6 60 Virgo Southern North Sea P.1337 Promote 43/15a & 43/20a 100 Virgo Southern North Sea P.1350 Promote 47/8d & 47/13c 50 Nido Southern North Sea P.1335 Promote 43/13a 100 Virgo Southern North Sea P.1377 Promote 210/25d 100 Virgo Northern North Sea P.1307 Promote 21/22 30 Sterling Central North Resources Sea P.1309 Promote 21/28b 30 Sterling Central North Resources Sea P.1395 Promote 12/16b, 12/17a, & 25 Stelinmatvic Moray Firth 12/22a This information is provided by RNS The company news service from the London Stock Exchange END ACQFESEELSMSEES
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