LONDON (Thomson Financial) - Encore Oil Plc. said it has agreed to sell its
wholly-owned unit EnCore Oil Nederland B.V., whose only asset is a 10 percent
interest in the Amstel field offshore Netherlands, to TAQA Energy B.V. for $5.5
million cash.
Proceeds from the sale, together with the reduction in expenditure required
to develop Amstel, will be focused on delivering the company's planned drilling
programme over the next 12 months, Encore said.
The 10 percent interest in the Amstel field is encumbered by royalties
payable to the previous operator and to others, it added.
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