EnCore Oil Announces Successful Testing on Breagh Gas Discovery
Posted by Aquila Financial on Monday, November 19, 2007
Full Details
EnCore Oil plc (LSE:EO.) is pleased to announce that the Breagh gas appraisal well on Southern North Sea block 42/13 has successfully tested dry gas at a maximum rate of 17.6 million standard cubic feet per day through a 56/64” choke. The gas was produced from the Carboniferous reservoir perforated between 7,332 feet and 7,447 feet measured depth below rotary table.
Well 42/13-3 (“the well”) encountered a possible gas-water contact in line with the original 42/13-2 discovery well giving a gross gas column of 460 feet. The well is being suspended as a potential gas producer.
Alan Booth, EnCore’s Chief Executive Officer, commented:
“We are delighted with these results, which have come in ahead of our pre-drill expectations. The information we have gathered suggest that the West Breagh structure has the potential to be a sizeable gas accumulation. These results also bode well for the potential of the East Breagh structure which could provide significant additional gas volumes. The prospectivity of the surrounding acreage in which we have an interest has now also been significantly de-risked.”
EnCore has a 15 per cent. interest in the licence and Sterling Resources Ltd, the operator, has a 45 per cent. interest.
Graham Doré B.Sc. (Hons.) in Geology and M.Sc. in Petroleum Geology and EnCore’s Exploration Director, who has over 20 years' experience in the oil exploration and production industry, has reviewed and approved the technical information contained in this announcement.
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 8800
EnCore Oil
EnCore Oil plc (EO.) is a UK focused exploration and production company listed on the Alternative Investment Market (AIM) on the London Stock Exchange.
EnCore's strategy is to create shareholder value through the successful exploration and appraisal of prospects and discoveries, and the development of those assets through to commercial sanction or beyond.
EnCore is led by an experienced and proven management team.
EnCore holds a balanced portfolio of interests in licences with the potential for providing major capital growth. This portfolio includes interests in the UK Continental Shelf (UKCS) offshore, several of which include operatorship; UK onshore in the Cleveland, Weald and Wessex basins; offshore Ireland; offshore in the Netherlands; and offshore in the Western Sahara.
During 2007/2008 EnCore expects to participate in the drilling of at least twelve wells.
www.encoreoil.co.uk
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