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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:7108H EnCore Oil PLC 14 November 2007 PRESS RELEASE For immediate release: 14 November 2007 EnCore Oil plc ("EnCore" or the "Company") EnCore Announces Plans to Demerge Gas Storage Business EnCore Oil plc (LSE: EO.) is pleased to announce that, following a meeting of its Board of Directors on Tuesday 13th November it has decided to demerge its Esmond, Forbes and Gordon gas storage business into a separately quoted company. Completion of the demerger is targeted to be before the end of the first quarter of 2008. In December 2006 Star Energy Group plc ("Star Energy") agreed to farm-in to EnCore's 100 per cent. block 43/8 containing the depleted Forbes gas field to earn a 25 per cent. interest through undertaking a gas storage feasibility study. The farm-in was extended to include the Esmond field in block 43/13a and potentially the Gordon field in block 43/15a and 43/20a. Currently EnCore's interest in the Esmond and Forbes field is 75 per cent. Star Energy has an option to increase its interest in Forbes and Esmond to 50 per cent. on completion of the ongoing feasibility study. EnCore's recently announced farm-out of the Bennett prospect in blocks 43/15a and 43/20a did not include an interest in the overlying Gordon field where EnCore's interest remains at 100 per cent. The Directors believe that work undertaken on the project to date suggests that there is potentially very significant value in the project. Alan Booth, EnCore Oil's Chief Executive Officer, commented: "Although EnCore is fundamentally an exploration and production company we identified potentially significant value in developing gas storage options for the depleted Esmond and Forbes gas reservoirs. We believe the market has yet to recognise the significant value already created in our gas storage project and this will be best achieved through a separately listed business. The businesses have fundamentally different risk/reward profiles, as well as differing timescales and capital requirements. We believe today's announcement of an offer by Petronas for our partner Star Energy demonstrates the significant value already accrued to gas storage businesses, particularly offshore." 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. www.encoreoil.co.uk This information is provided by RNS The company news service from the London Stock Exchange END MSCILFSLLLLSLID
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