RNS Number : 8120D
EnCore Oil PLC
19 September 2008
Press Release
For immediate release: 19 September 2008
EnCore Oil plc ('EnCore' or 'the Company')
EnCore Farms Out Interest in Blocks 210/29a & 210/30a
EnCore Oil plc (LSE: EO.) is pleased to announce that it has entered into a farm-out
agreement with Dyas UK Limited ('Dyas') whereby
Dyas will acquire a ten per cent. interest in northern North Sea Blocks 210/29a and 210/30a
from EnCore. EnCore will retain a 16.6 per
cent. interest in the licence.
It is expected that a well will be drilled on block 210/29a on the 'Bowstring East'
prospect (also known as 'Cladhan') in October 2008
using the Sedco 704 semi-submersible. Under the terms of the farm-out agreement, Dyas will
contribute to the cost of the well on a promote
basis.
This agreement is subject to the usual regulatory consents, including BERR consent.
Alan Booth, Chief Executive Officer, commented:
"We are pleased to welcome Dyas to the licence, and look forward to drilling this high
impact, light oil, exploration prospect. EnCore
continues to focus on exposing our shareholders to a number of potentially significant value
adding opportunities whilst ensuring careful
stewardship of our existing capital resources and effective management of our risk
portfolio."
For enquiries, please contact:
EnCore Oil plc www.encoreoil.co.uk
Alan Booth, Chief Executive Officer +44 (0)20 7224 4546
Eugene Whyms, Chief Financial Officer
AquilaFinancial Limited www.aquila-financial.com
Peter Reilly +44 (0)118 979 4100
Hanson Westhouse Limited
Tim Feather +44 (0)113 246 2610
Matthew Johnson
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 lifecycle 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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