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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:4762Z EnCore Oil PLC 03 July 2007 PRESS RELEASE For immediate release: 3 July 2007 EnCore Oil plc ("EnCore" or the "Company") EnCore Farms Out Interest in Blocks 210/29a & 210/30a to New UKCS Entrant EnCore Oil plc (LSE: EO.) is pleased to announce that it has entered into a farm-out agreement with Revus Energy (UK) Limited ("Revus") whereby Revus will acquire a 33.5 per cent. interest in northern North Sea Blocks 210/29a and 210/ 30a from EnCore and Sterling Resources Limited ("Sterling Resources"). EnCore will retain a 26.6 per cent. interest in the licence and Sterling Resources, the operator, will retain a 39.9 per cent. interest. Under the terms of the farm-out agreement, Revus will pay 50 per cent. of the costs of drilling an exploration well up to a total gross cost of #10 million, and 33.5 per cent of well costs, if any, above #10 million. It is expected that a well will be drilled on the 'Bowstring East' prospect in 2008. Revus is an independent Norwegian upstream E&P company listed on the Oslo Stock Exchange and the farm-in to Blocks 210/29a and 210/30a marks its entry into the UK North Sea oil and gas sector. Revus is focused on finding oil and gas in mature areas of the Norwegian and UK Continental Shelf. This agreement is subject to the usual regulatory consents, including DTI consent. Alan Booth, EnCore's Chief Executive Officer, said: "We are pleased to be entering into this new partnership with Revus Energy, a well established and highly respected Norwegian company. We look forward to adding this exciting opportunity to our already extensive forward drilling programme." 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)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 8800 Notes to Editors: EnCore Oil plc (EO.) is a UK focused exploration and production company listed on the Alternative Investment Market (AIM) on the London Stock Exchange. EnCore's strategy is to create shareholder value through the successful exploration and appraisal of prospects and discoveries, and the development of those assets through to commercial sanction or beyond. EnCore is led by an experienced and proven management team. EnCore holds a balanced portfolio of interests in licences with the potential for providing major capital growth. This portfolio includes interests in the UK Continental Shelf (UKCS) offshore, several of which include operatorship; UK onshore in the Cleveland, Weald and Wessex basins; offshore Ireland; offshore in the Netherlands; and offshore in the Western Sahara. During 2007/2008 EnCore expects to participate in the drilling of at least twelve wells in the UK. www.encoreoil.co.uk This information is provided by RNS The company news service from the London Stock Exchange END MSCOKBKPPBKDPOK
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