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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:0618K EnCore Oil PLC 17 December 2007 Press Release For immediate release: 17 December 2007 EnCore Oil plc ("EnCore" or "the Company") Rig Confirmation & Farm-out to Challenger Minerals on UK North Sea Blocks 48/1b & 48/2c EnCore Oil plc (LSE: EO.) announces that the ENSCO 80 drilling rig has been contracted for the appraisal drilling of the Cobra discovery on UK North Sea block 48/2c. Due to early rig availability, the appraisal well will now be drilled in the first quarter of 2008. The EnCore operated well will appraise the 48/2-1 gas discovery drilled by Amoco in 1984, which tested at a flow rate of 2.7 million cubic feet per day from the Rotliegend sandstone. The well will be managed by Applied Drilling Technology International (ADTI) which has over 20 years' experience in providing turnkey drilling. EnCore also announces that it has entered into a farm-out agreement with Challenger Minerals (North Sea) Limited ("Challenger Minerals") under which Challenger Minerals receives the right to acquire a five per cent. interest in southern North Sea Blocks 48/1b and 48/2c containing the Cobra discovery from EnCore. Under the terms of this farm-out agreement and together with the previously announced farm-out agreement with Tata Petrodyne and Bharat Petroleum, EnCore will pay for three per cent. of the appraisal well cost (subject to an overall well cost cap), and retain a 20 per cent. interest in the licence and remain as licence operator. Alan Booth, Chief Executive Officer, commented: "The Cobra appraisal well presents EnCore with an opportunity to add material value and represents our first operated well. Cobra lies close to existing infrastructure and offers a relatively low risk appraisal project some 300 feet up dip from the existing discovery well with significant upside potential." 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. EnCore expects to participate in the drilling of nine wells before the end of 2008. www.encoreoil.co.uk This information is provided by RNS The company news service from the London Stock Exchange END MSCGGMMZZNGGNZM
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