Admission to AIM
March 06 2006 - 2:01AM
UK Regulatory
RNS Number:3027Z
EnCore Oil PLC
06 March 2006
EnCore Oil plc
Admission to AIM
EnCore Oil plc ('EnCore' or the 'Company') is pleased to announce that following
a reverse takeover of Oil Quest Resources plc, which was announced on 7 February
2006, the Company is now trading on AIM under the new name of EnCore Oil plc
with the ticker 'EO.'
Following a placing of 112,000,000 new ordinary shares, the Company now has
201,876,203 ordinary shares in issue and a market capitalisation of #70.2m as at
market close on 3 March 2006.
The Company'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. The initial focus will be the UK
onshore and offshore. This may be expanded with select international
opportunities where the directors believe they can use their background and
experience to create additional value for the company.
Subject to regulatory approval of the Petro-Canada Acquisition, EnCore will have
interests in six licences covering eight blocks in the central North Sea / Moray
Firth including six undeveloped discoveries. EnCore also has 13 licences located
onshore UK in the Wessex, Weald and Cleveland Basins and one licence in the
Southern North Sea gas basin. In addition, EnCore has received an offer of an
award for the offshore Laguera block licence in the Western Sahara.
ENDS
For further information, please contact:
EnCore Oil plc 020 7224 4546
Alan Booth, Chief Executive Officer www.encoreoil.co.uk
Eugene Whyms, Chief Financial Officer
Westhouse Securities LLP 020 7601 6100
Tim Feather
Richard Morrison
Aquila Financial Limited www.aquila-financial.com
Peter Reilly 020 7202 2601
Yvonne Fraser 020 7202 2609
Notes to Editors
EnCore, founded in March 2005 and headquartered in London, is a UK focused
exploration and production group of companies. EnCore's strategy is to add
value through successful exploration and, where appropriate, appraisal and
development of assets.
Oil Quest Resources plc acquired interests in UK onshore and offshore
exploration licences with medium to high upside potential in proven hydrocarbon
producing basins.
Following the completion of the reverse takeover, the licence interests of
EnCore Oil plc are as follows:
UK
Block EnCore Interest (%) Operator
21/24 (part) 95.0 EnCore
21/30S 95.0 EnCore
21/29b SE 61.3 EnCore
21/29b SW 51.6 EnCore
15/26a 47.5 EnCore
29/6a 20.1 Venture Production
*18/5 25.0 Apache North Sea
*19/1 (part) 25.0 Apache North Sea
PEDL 068 20.0 Egdon Resources
PEDL 125 10.0 Northern Petroleum
PEDL 126 10.0 Northern Petroleum
PEDL 154 10.0 Northern Petroleum
PEDL 155 10.0 NP Weald
PEDL 099 7.5 Northern Petroleum
P.1153 20.0 Northern Petroleum
PEDL 089 (B) 20.0 Northern Petroleum
PEDL 089 (A) 10.0 Northern Petroleum
PEDL 151 10.0 Wessex Exploration
PEDL 098 7.5 Northern Petroleum
PEDL 113 7.5 Northern Petroleum
PEDL 152 5.0 NP Solent
*P43/6 30.0 Virgo Energy
International
Western Sahara
*Laguera Block 100.0 EnCore
* pending award
Strategy
EnCore's strategy is to create shareholder value through successful exploration
and appraisal of prospects and discoveries and the development of those assets
through to commercial sanction.
Key elements to this strategy are:
* the Group plans only to operate licences where it is necessary in order to
develop sufficient momentum to enable the full evaluation of the blocks to
take place;
* the focus will be principally on UKCS Central North Sea and UK onshore;
* value adding opportunities outside these areas, where the team can apply
its expertise and experience, will be considered;
* the risk profile of the projects will be balanced, ranging from high impact
offshore exploration drilling to onshore appraisal drilling or the
acquisition of commercially proved reserves;
* the percentage holdings in several of the licences are substantial. The
Group may seek to farm-out a proportion of these and future licences to
other companies, for example by taking advantage of the interest in UK
projects being shown by larger independent E&P companies, particularly
those from North America;
* the Directors will adopt an opportunistic approach to consolidation within
the sector; and
* the Directors may seek to divest or swap part or all of the Group's
interest in a successful project at the point of commercial sanction.
Management:
EnCore Oil plc is headed by an experienced and proven management team.
Michael T Lynch - Chairman
Michael was Managing Director and Chief Executive of Santa Fe Exploration (UK)
Limited ('SFX') from 1988. Under his leadership until his departure in 1995,
SFX grew into a company producing approximately 70,000 equivalent barrels of oil
per day, a tenfold increase over the preceding five years and with a tripling of
oil and gas reserves, to be ranked in the top 25 UK production companies with
proved reserves in excess of 200 mmboe. It was subsequently sold to Saga for
US$1.23 billion. In October 1996, Mike Lynch founded Intrepid Energy, which was
subsequently sold for over US$1 billion. Intrepid was an independent UK oil and
gas E&P company with its primary focus being in the UK sector of the North Sea.
Alan Booth - Chief Executive Officer
Alan was Chairman and Managing Director of EnCana (U.K.) Limited (now Nexen
Petroleum U.K. Limited), and a member of EnCana Corporation's executive
management team. He was instrumental in building EnCana UK from a new UK
entrant in late 1996, with a $55 million exploration funding obligation into a
significant UK production operator and the discoverer and development operator
for the Buzzard field. In late 2004, he led the team which sold EnCana (U.K.)
Limited to Nexen Corporation for $2.1 billion. Prior to EnCana, he worked in a
number of positions of increasing seniority for Amerada Hess and Oryx Energy
both in the UK and overseas. He has particular experience in the acquisition of
new ventures and exploration in the UK, Scandinavia, Australasia, as well as the
Middle East and Africa.
From December 2003 until March 2005, he was President of the United Kingdom
Offshore Operators Association (UKOOA), the representative body for all UKCS
offshore operators. In addition, he was a member of PILOT, the main forum for
Government-Industry liaison, chaired by the Energy Minister, as well as being a
member of the Industry Leadership Team (ILT). In 2003, he was elected President
of the Petroleum Exploration Society of Great Britain. In April 2004, he was
awarded the Petroleum Group Silver Medal by the Geological Society in
recognition of his contribution to the industry.
Eugene Whyms FCCA - Chief Financial Officer
Eugene was co-founder of the EnCore Companies and was previously the Finance
Director of EnCana (U.K.) Limited (now Nexen Petroleum U.K. Limited). He joined
EnCana in 2002 and was responsible for finance and IT as well as for
acquisitions and disposals, in which role he was part of the team that sold
EnCana (U.K.) Limited to Nexen Corporation. He has over 20 years' experience in
the oil industry and held a variety of posts at Enterprise Oil plc including
Head of Group Finance, Group Audit Manager and Manager, Financial Accounting.
He has extensive experience of finance, tax, treasury, and joint ventures in UK,
Ireland, Norway, Italy, USA, Brazil, Indonesia and Australia, together with
extensive mergers & acquisitions experience, both on corporate and asset deals.
Graham Dore - Exploration Director
Graham was a senior geologist with Nexen Petroleum U.K. Limited. He has over 18
years' experience in the oil industry, initially as a geologist with Amerada
Hess in the UKCS and Norway. After joining EnCana (U.K.) Limited in 1997, he
was responsible for developing and acquiring a wide-ranging exploration
portfolio. He generated and developed the Buzzard prospect leading to the
discovery of the Buzzard field in 2001.
Christine Wheeler OBE - Non-Executive Director
Christine commenced her career advising the upstream sector of the oil industry
when she joined Arthur Young, Chartered Accountants in 1973. She has advised on
UK taxation issues since that time including lobbying for fiscal changes. More
recently, her advisory role has focused on structuring and commercial
transactions from small farm-ins to acquisitions and disposals, the largest of
which was US$2 billion. She was the head of the natural resources division of
Ernst & Young and subsequently, for ten years, was the chairman of an
independent consultancy. She now has an active consultancy which remains
focused on E&P activities in the UK and overseas. In 1994, she was awarded the
OBE for services to the oil industry.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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