LONDON (Thomson Financial) - EnCore Oil PLC. said a rig has now been
contracted by Star Energy to drill the well on the Esmond field located on UK
North Sea Block 43/13a.
The pressure test well is now expected to commence in October 2008.
Once the results of the well are known, and assuming they come within the
expected range of outcomes then the company said it is likely that it may seek
to sell its subsidiary, EnCore Gas Storage Limited.
As previously announced, although it has not been entirely ruled out, it is
unlikely that the company would seek to demerge EnCore Gas Storage, as it
believes its strategic aims of returning value to shareholders can now be
achieved without the additional cost and time involved in a listing and
demerger.
tf.TFN-Europe_newsdesk@thomsonreuters.com
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