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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 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4056Z EnCore Oil PLC 02 July 2007 Press Release For immediate release: 2 July 2007 EnCore Oil plc ("EnCore" or "the Company") Drilling Operations Update on the Old Head of Kinsale Appraisal Well EnCore Oil plc (LSE: EO.) today announces that the 49/23-2z sidetrack well (the "Well") operated by Island Oil & Gas plc ("Island") on Exploration Licence 4/05 (the "Old Head of Kinsale") in the Celtic Sea offshore Ireland has successfully tested dry gas at a rate in excess of 18 million standard cubic feet per day through a 56/64" restricted choke size. The gas was produced from the same Upper Wealden reservoir horizons in the Lower Cretaceous at a measured depth of 4,450 feet below the rotary table, that were encountered approximately 2.5 kilometres to the NE in the original 49/23-1 discovery well drilled in 2006. The well is being suspended as a potential gas producer alongside well 49/23-1. Following a detailed technical and commercial study of the well data, the partners will make a further announcement in due course regarding the next stage in the evaluation and potential development of the Old Head of Kinsale gas field. Island is the operator of the Old Head of Kinsale gas field with a 65 per cent. interest, Valhalla Oil and Gas Limited has a 20 per cent. interest and EnCore holds a 15 per cent. interest. The Petrolia Rig will shortly move to the nearby Exploration Licence 5/05 (the Schull gas field) where it will drill the Island-operated gas appraisal well 57/ 2-3. EnCore holds a 12.5 per cent. interest in the Schull gas field with the option to acquire an additional five per cent. from Island, subject to certain conditions. Alan Booth, B.Sc. in Geology and M.Sc. in Petroleum Geology and EnCore's Managing Director, who has over 25 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)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 (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 MSCOKDKKCBKDKOK
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