RNS Number : 9273C
EnCore Oil PLC
08 September 2008
Press Release
For immediate release: 8 September 2008
EnCore Oil plc ("EnCore" or "the Company")
Gas Storage Update - Rig expected this week for Esmond Evaluation Well
EnCore Oil plc (LSE: EO.) is pleased to announce that the Energy Enhancer jack up rig
contracted by Star Energy Group plc ("Star
Energy") to drill the well on the Esmond field located on UK North Sea Block 43/13a is
expected to mobilise to the drilling location this
week and drilling operations should commence shortly thereafter.
The Esmond evaluation well is required to confirm that the underlying reservoir pressure
has not risen significantly since the field was
depleted and abandoned. Drilling operations are expected to be completed within 25 days of the
well spudding.
Alan Booth, Chief Executive Officer, commented:
"The information provided from the pressure test will help fully define the potential size
and scope of the Esmond Gordon gas storage
project. Once defined, we will have greater certainty on the value."
As part of the commercial arrangements between Star Energy (now a subsidiary of Petronas)
and EnCore, Star Energy will bear the entire
cost of drilling of this well. EnCore has a 50 per cent. interest in the project and Star
Energy, the operator, also has a 50 per cent.interest.
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) 118 979 4100
Hanson Westhouse Limited
Tim Feather / Matthew Johnson +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. This portfolio
includes an active drilling programme.
www.encoreoil.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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