EnCore Oil plc Acquires Operatorship and Increases Interest in UKCS Block 9/27a
Posted by Aquila Financial on Tuesday, January 15, 2008
Location
UK
Full Details
EnCore Oil plc (LSE: EO.) is pleased to announce that it has signed an agreement with Century Exploration (UK) Limited to increase its equity in UKCS Block 9/27a from 10 per cent. to 87.5 per cent. In addition to increasing the equity held in the block, EnCore will be assuming block operatorship. The other co-venturer on the licence is Granby Oil & Gas plc.
EnCore’s interest is subject to a revised overriding royalty of 1.2 per cent. (previously 2.75 per cent.) of its share of revenues.
This agreement is subject to the usual regulatory approvals.
Alan Booth, Chief Executive Officer, commented:
“EnCore’s regional work in this area suggested that there may be overlooked potential in the block. It is particularly pleasing to see the recent success announced by Fairfield Energy in adjacent block 9/28. We believe that any redevelopment of the Crawford field will significantly reduce the threshold for commercial developments in block 9/27a.”
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
Yvonne Fraser
Hanson Westhouse Limited
Tim Feather +44 (0)113 246 2610
KBC Peel Hunt
Jonathan Marren +44 (0)20 7418 8900
EnCore Oil
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. EnCore expects to participate in the drilling of nine wells before the end of 2008.
www.encoreoil.co.uk
Category
Company News Release