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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 : 7869U EnCore Oil PLC 19 May 2008 PRESS RELEASE For immediate release: 19 May 2008 EnCore Oil plc ("EnCore" or the "Company") EnCore Announces Results of Testing on Cobra Gas Discovery EnCore Oil plc (LSE: EO.) announces that the EnCore operated 'Cobra' gas appraisal well 48/2c-5 ("the well") on Southern North Sea block 48/2c has now completed testing. The well tested at a maximum unstimulated dry gas rate of 1.1 million standard cubic feet per day with a flowing tubing head pressure of 230 pounds per square inch through a 32/64 inch choke. The gas was produced from the Rotliegendes Sandstone through four and a half inch sand screens across the entire interval from 11,189 feet and 11,683 feet measured depth below rotary table. Well 48/2c-5 has established a total gas column in the Cobra structure of at least 350 feet true vertical thickness. The results of the well support the likelihood that there is a significant volume of gas in place within the structure. However, the unstimulated rate is not commercial, so the well is being suspended pending further evaluation of the most effective well stimulation technique. Alan Booth, EnCore's Chief Executive Officer, commented: "We are naturally disappointed that the well would not flow unstimulated at 'commercial' rates. The results of the well have however given us greater confidence that Cobra contains a significant volume of gas in place." The EnCore operated well is being drilled by the ENSCO 80 jack-up rig and is being managed by Applied Drilling Technology International (ADTI) which has over 20 years' experience in providing 'turnkey' drilling services. EnCore has a 20 per cent. interest, together with co-venturers, Bharat Petroleum Corporation Limited (25 per cent.), Tata Petrodyne Limited (25 per cent.), Norwest Energy (22.5 per cent.) and Challenger Minerals (North Sea) Limited (7.5 per cent.). Peter Williams B.Sc. (Hons.) in Physics and EnCore's Group Technical Manager, who has over 35 years' engineering experience in the oil exploration and production industry, has reviewed and approved the technical information contained in 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)118 979 4100 Hanson Westhouse Limited Tim Feather +44 (0)113 246 2610 KBC Peel Hunt Jonathan Marren +44 (0)20 7418 8800 Notes to Editors: EnCore Oil plc (LSE:EO.) is an oil and gas exploration and production (E&P) company quoted on AIM. At EnCore, it is not the Company's aim to build a full cycle E&P company. The principal strategy is to create shareholder value through the successful exploration and appraisal of prospects and discoveries. The Company will seek to monetise or exchange the asset at the appropriate point in its life cycle and return value directly to shareholders wherever possible. 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 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. EnCore currently holds a balanced portfolio of interests in licences both on and offshore, primarily focused on the UKCS. EnCore expects to participate in the drilling of eight wells before the end of 2008. www.encoreoil.co.uk This information is provided by RNS The company news service from the London Stock Exchange END DRLBXGDUXSBGGIC
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