EnCore Oil: Burgman Well 28/9-4 Has Encountered Good Hydrocarbons

EnCore Oil PLC (EO.LN), an oil and gas exploration and production company, said Monday the Burgman well 28/9-4 located on UKCS Central North Sea Block 28/9 has reached total depth of 5,990 feet Measured Depth and has encountered good quality hydrocarbons in a Tay sandstone interval.

MAIN FACTS:

-Well encountered 22 feet of net hydrocarbon pay within the overall Tay sandstone interval; 12 feet of gas in the Upper Tay sandstones and 10 feet of 24 degree API oil in the Lower Tay sandstones.

-Cromarty and Fulmar sections were not hydrocarbon bearing at this location.

-Gas Oil Contact was calculated at 3,560 feet true vertical depth sub sea, or TVDSS, and the Oil Water Contact was calculated at 3,980 feet TVDSS, giving a gross gas column of at least 78 feet and a gross oil column of 420 feet.

-Seismic data strongly suggests that the Lower Tay sands are more thickly developed over a large proportion of the remainder of the Burgman prospect area, as well as being above the newly established oil water contact.

-Based on the results of the well, the joint venture partnership has decided to drill an immediate side-track from the Burgman well; Burgman side-track will conclude this phase of drilling on Block 28/9.

-Equity in the Block 28/9 joint venture partnership is as follows: EnCore Oil (15%, Operator), Premier Oil (35%), Wintershall (U.K. North Sea) Limited (20%), Nautical Petroleum (15%) and Agora Oil & Gas (15%).

-Shares of Encore Oil at 13:07 GMT up 5 pence or 5%, at GBP1.16.

-By Tapan Panchal, Dow Jones Newswires. Tel [phone], [e-mail]