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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:1539E EnCore Oil PLC 20 September 2007 Press Release 20 September 2007 EnCore Oil plc ("EnCore" or "the Company") (LSE:EO.) Old Head of Kinsale and Schull discoveries Front End Engineering contract awarded Island Oil & Gas plc, the operator of the Old Head of Kinsale and Schull discoveries, has today announced the award of a front end engineering contract to Pegasus International UK Limited. EnCore has a 15% interest in Old Head of Kinsale and a 12.5% interest in Schull. A copy of Island Oil & Gas' announcement is set out below for convenience: "ISLAND AWARDS FRONT-END ENGINEERING STUDY CONTRACT FOR THE OLD HEAD OF KINSALE AND SCHULL GAS FIELD DEVELOPMENT Island Oil & Gas plc (LSE:IOG) today announces that it has awarded a contract to Pegasus International UK Ltd, for front-end engineering work ahead of the joint development of the Old Head of Kinsale and Schull Gas Fields in the Celtic Sea, offshore Ireland. The Studies, which will focus on field development options, including subsea tiebacks, will commence immediately ahead of plans to bring the Fields onstream during 2009. Pegasus are specialist subsea engineering consultants, with offices in the UK and the USA, who support operators in the definition of field development options and the associated detailed design works. The Phase 1 works for the front-end engineering studies will establish a technical definition for the subsea tie back options and the operational and functional requirements for the subsea facilities. They will also generate production profiles and gas composition and condensate recovery volumes. This work, in conjunction with other studies that are currently being undertaken, will provide a basis for the updating of field development cost estimates and schedules. It is anticipated that the subsequent planned Phase 2 works, in the end of the 4th Qtr 2007, will enable an active dialogue with suppliers and offshore service contractors in order to establish field development plans. These plans will form the basis for a Declaration of Commerciality. Following this an application for a Petroleum Lease covering the two gas fields, together with a Plan of Development, will then be submitted to the Minister for Communications, Energy and Natural Resources for approval. Following technical evaluation of the drilling results from the recent Old Head of Kinsale and Schull pre-development wells this summer, Island believes the two fields potentially contain in the range of 80 to 120 bcf of recoverable gas, subject to confirmation and verification as part of an updated reserves report that is currently underway. Preliminary discussions with Parties that could potentially market any future gas produced from Old Head and Schull have been initiated. In addition to plans for the joint development of the two fields, Island continues to investigate gas storage opportunities and the potential partnership advantages to Island, its co-venturers and the Irish government in offering a possible strategic gas reserve for the country. Commenting on the award of the contract, Paul Griffiths, Chief Executive of Island, said: "Our pre-development drilling results this year have exceeded the pre-drill expectations, as a consequence of which we can now consider the joint development of the gas fields. This could result in a significant cost saving and a greater flexibility to market the gas in a way that exploits the potential uplift in Winter gas prices. Island has initiated the process of confirming the commercial potential of the Old Head and Schull gas fields prior to a Declaration of Commerciality" " ENDS 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 8900 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. 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 CNTBIGDCUSBGGRC
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