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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:8705V EnCore Oil PLC 01 May 2007 For immediate release: 1 May 2007 EnCore Oil plc ("EnCore" or "the Company") Activity Update EnCore Oil plc (LSE: EO.), the AIM-quoted oil and gas exploration company has uploaded a copy of its forthcoming drilling programme for 2007, 2008 and 2009 to its website. The programme, which is for guidance only and subject to change for either operational or business reasons, can be found on EnCore's website at www.encoreoil.co.uk/operations.asp and set out in a table in the attached appendix. Highlights EnCore currently expects to participate in at least 12 wells over the next 18 months. Highlights of the programme are set out below. Offshore The programme is expected to commence in May with the Cirrus (48/22b-F) Perenco-operated exploration well and the 49/23-2 Island Oil and Gas plc ("Island")-operated Old Head of Kinsale appraisal well. Subject to any operational and testing issues on the Old Head of Kinsale well, this will be followed by an appraisal well on the 1987 Schull discovery, also operated by Island. The Company also expects to see the drilling of the Breagh appraisal well by Sterling Resources Ltd. in late summer, with drilling on Barbarossa 47/ 9c-A and the Catcher 28/9-C well either in late 2007 or the first half of 2008. Development drilling activity on the Amstel field in Holland could start as soon as the first half of 2008. Onshore The onshore discovery at Kirkleatham is progressing as planned. The operator, Egdon Resources plc ("Egdon"), has acquired additional seismic data in the area and the group are currently reviewing the additional gas potential that this licence may have to offer. Egdon has informed EnCore that the group may be in a position to produce gas from the Kirkleatham discovery in the winter of 2007/08. At Westerdale, the group is currently reviewing the potential of drilling an appraisal well to the Ralph Cross discovery. Although the Westerdale well encountered gas, it is thought to be separate from the Ralph Cross accumulation. Gas Storage Progress The gas storage evaluation in partnership with Star Energy is progressing as expected, and EnCore is encouraged by the interest expressed by a number of larger companies active in this segment of the gas business. Further Portfolio Development EnCore continues to mature the prospectivity of the remainder of its portfolio and is actively seeking co-venturers to partner in the drilling of a number of these prospects. Discussions with potentially interested third parties on a number of EnCore's licences are progressing well and the Company is hopeful that this may lead to additional drilling in an already active forward programme. Commenting on the drilling programme, Alan Booth, Chief Executive of EnCore said: "EnCore has been especially active in expanding and broadening its portfolio over the last nine months within our stated strategy of building an opportunity set that has the capacity to create sustainable and realisable value for our shareholders. Our portfolio now covers acreage in the UK, Ireland*, Holland* and France* in addition to our already established position in Western Sahara. As a result of this work, EnCore is now about to embark upon a significant exploration, appraisal and development drilling programme beginning in May and continuing through 2007 and into 2008. "I believe we now have a forward activity programme that few companies of our size can match. We will however continue to seek additional value adding and company transforming opportunities and expect that we will continue to upgrade our portfolio actively through trades, sales, swaps and acquisitions. We continue to shepherd our cash resources and remain alert to consolidation opportunities in the small cap E&P sector. Our criteria for taking advantage of such opportunities are that they should offer the opportunity to create a stronger and more capable entity with the scale and capability to take advantage of opportunities in the sector, and, where appropriate, deliver value directly to our shareholders." Graham Dore B.Sc. (Hons.) in Geology and M.Sc. in Petroleum Geology and EnCore's Exploration Director, who has over 19 years' experience in the oil exploration and production industry, has reviewed and approved the technical information contained in this announcement. *Subject to regulatory approval 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 Yvonne Fraser +44 (0)20 7202 2609 Hanson Westhouse Limited Tim Feather +44 (0)113 246 2610 KBC Peel Hunt Jonathan Marren +44 (0)20 7418 8900 APPENDIX EnCore Oil Drilling Schedule 2007-2009 EnCore 2007 2008 2009 Prospect Block(s) Operator Equity Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1.Old Head 49/23 - Island Oil & Gas 15.0% X of Kinsale Ireland 2.Cirrus 48/22b Perenco 8.3% X 3.Schull 57/2 - Island Oil & Gas 12.5% X Ireland 4.Breagh 42/13 Sterling Resources 15.0% X 5.Barbarossa 47/9c Venture Production 10.0%** X 6.(TBC) 210/29 & Sterling Resources 40.0% X* 210/30 7.Catcher 28/9 & 28/10b OilExco 35.0% X 8.Markwells PEDL126 Northern Petroleum 10.0% X Wood 9.Amstel 1 Q13 - Island Oil & Gas 10.0% X Netherlands 10.Cobra 48/1b & EnCore 25.0% X 48/2c 11.Amstel 2 Q13 - Island Oil & Gas 10.0% X Netherlands 12.Leigh PEDL155 Northern Petroleum 7.5% X Park 13.Amstel 3 Q13 - Island Oil & Gas 10.0% X Netherlands 14.Bennett 43/15a EnCore 35.0% X* 15.(TBC) PEDL068 Egdon Resources 20.0% X* 16.Tudor 14/30a EnCore 40.0% X* Rose 17.Norfolk 12/16 Stelinmatvic 25.0% X* 18.Merrow 113/29c Nautical Petroleum 50.0% X* & 113/30 * Contingent Well ** Half of EnCore's equity is subject to buy-back. This information is provided by RNS The company news service from the London Stock Exchange END DRLEAASFEDPXEFE
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