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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 |
TIDMEO.
RNS Number : 3791B
EnCore Oil PLC
17 February 2011
Press Release
For immediate release: 17 February 2011
EnCore Oil plc ('EnCore' or 'the Company')
Cladhan Operations Update
EnCore Oil plc (LSE: EO.) notes the announcement issued today by Sterling Resources Limited regarding the Cladhan discovery in UK Northern North Sea Blocks 210/29a and 210/30a, and provides the text of that announcement below for information. EnCore advises that all dates and expected drill times are subject to weather or operational delays.
The text of the Sterling Resources announcement relevant to Cladhan is as follows:
Sterling Resources Ltd. (TSX-V:SLG) ("Sterling" or the "Company") is pleased to announce that drilling is expected to commence within the next few days at Cladhan (Blocks 210/29a & 210/30a). in the UK North Sea, as the drill rig is currently being towed to the site. At the Cladhan discovery, at least one well and a sidetrack will be drilled utilizing the Transocean Prospect semi-submersible rig, with Sterling as operator holding a 39.9 percent working interest. Partners in Cladhan (license P1064) are Wintershall (UK North Sea) with 33.5 percent working interest, Encore Petroleum Ltd with 16.6 percent working interest and Dyas UK Ltd with a 10 percent working interest.
"We're certainly pleased to be back drilling after the successful autumn campaign in 2010," stated John Rapach, Sterling's Chief Operating Officer. "Our production test of the 210/29a-4Z well at 5900 barrels of oil per day and then finding oil down dip of that well with the 210/29a-4Y sidetrack have given Sterling and its partners the encouragement to advance an accelerated appraisal drilling program. We have managed to prepare to drill the next well, 210/30a-4 within 7 months of re-entering the original discovery well 210/29a-4, in August 2010", Mr. Rapach added.
The objective of the current program is to drill further down dip, again looking for deeper oil in the structure to the east of the previous wells. This will be followed by a sidetrack to a second location to an undrilled channel further south of the current well penetrations. Assuming success with both of these wells, there is an option for the Transocean Prospect to drill a second sidetrack from the same well out into the fan system. Information from this drilling campaign will aid in the planning of the field development conceptual design already underway. The expected drilling time for these 3 wells is 40 days, 25 days and 30 days, respectively.
End of Sterling Resources' text relevant to Cladhan.
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 Yvonne Fraser, Investor Relations Manager +44 (0)7957 241 408 Westhouse Securities Limited Tim Feather +44 (0) 20 7601 6100 Matthew Johnson
Notes to Editors:
Cladhan is located 225 miles north east of Aberdeen.
EnCore Oil plc (LSE: EO.) is an oil and gas exploration and production (E&P) company quoted on AIM.
EnCore has a balanced portfolio of offshore assets, based mainly in the UK Continental Shelf (UKCS) and a significant equity holding in AIM listed Egdon Resources plc (LSE: EDR).
EnCore has an experienced and proven management team, a number of whom were responsible for the discovery of the Buzzard field in the UK North Sea, which currently produces over 10 per cent. of the UK's total oil production.
All EnCore's commercial and material technical evaluations are undertaken in-house by the EnCore team. This brings both continuity to the management and development of the assets and an ownership that is vital to unearth the best and most creative new ideas and opportunities.
www.encoreoil.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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