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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:6548Q EnCore Oil PLC 25 March 2008 Press Release For immediate release: 25 March 2008 EnCore Oil plc ("EnCore" or "the Company") Commencement of Drilling Operations on Cobra Gas Appraisal Well EnCore Oil plc (LSE: EO.) is pleased to announce that drilling operations on the Cobra appraisal well on Southern North Sea block 48/2c have commenced. The main objective of the 48/2c-5 well will be to establish whether the reservoir is capable of flowing at commercial rates. The well is being drilled up dip from the 48/2-1 well, drilled in 1984, which flowed at 2.7 million cubic feet per day from a Rotliegendes Sandstone reservoir. It is interpreted that the reservoir was damaged during the drilling of the 48/2-1 well and that the reservoir performance could be improved by the use of modern drilling and completion techniques. The EnCore operated well is being drilled by the ENSCO 80 jack-up rig and will be 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 in the licence and will pay for only three per cent. of the appraisal well cost (subject to an overall well cost cap). Graham Dore B.Sc. (Hons.) in Geology and M.Sc. in Petroleum Geology and EnCore's Exploration Director, who has over 20 years' 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 Yvonne Fraser Hanson Westhouse Limited Tim Feather +44 (0)113 246 2610 KBC Peel Hunt Jonathan Marren +44 (0)20 7418 8900 Notes to Editors: EnCore Oil plc (LSE: EO.) is an oil and gas exploration and production (E&P) company quoted on the Alternative Investment Market (AIM). It is not Encore's aim to build a full cycle E&P company. The Company's 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 of 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 nine 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 DRLFKQKKFBKDPNB
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