Western Sahara Licence Signed
March 17 2006 - 2:02AM
UK Regulatory
RNS Number:9559Z
EnCore Oil PLC
17 March 2006
PRESS RELEASE
For immediate release: 17 March 2006
EnCore signs Laguera licence in the Western Sahara
EnCore Oil plc ("EnCore"), the AIM-quoted exploration and production company, is
pleased to announce that on 16 March 2006 it signed a formal Production Sharing
Contract and associated Assurance Agreement with the Government of the Saharawi
Arab Democratic Republic ("SADR") for the Laguera Licence located offshore
Western Sahara.
The Laguera Licence covers an area of approximately 20,000 square kilometres in
water depths ranging from 0 to over 4,000 metres. EnCore has a 100% working
interest in the block, which is located immediately adjacent to Mauritanian
Territorial waters.
The SADR is a full member of the African Union and is recognised as the
sovereign authority for the territory referred to as Western Sahara. Western
Sahara is officially classed as a 'non-self governing territory' by the United
Nations. The agreements conform to oil industry standards and follow accepted
international legal principles and UN guidelines with respect to non-self
governing territories.
Alan Booth, Chief Executive of EnCore said: "We are delighted to have signed
these agreements with the SADR in the first licensing round in the area. EnCore
recognises and supports the aspirations of the Saharawi people in their quest
for self determination and we look forward to constructive engagement between
the relevant parties to achieve an acceptable solution under the guidance of the
UN."
For further information, please contact:
EnCore Oil plc
Alan Booth, Chief Executive Officer +44 (0)20 7224 4546
Eugene Whyms, Chief Financial Officer
www.encoreoil.co.uk
Westhouse Securities LLP
Tim Feather +44 (0)161 838 9140
Aquila Financial Limited
Peter Reilly +44 (0)20 7202 2601
Yvonne Fraser +44 (0)20 7202 2609
www.aquila-financial.com
Notes to Editors
The territory of Western Sahara is located in North West Africa, bordering the
North Atlantic Ocean, between Mauritania and Morocco.
It has been the subject of a dispute for over forty years between Morocco and
the Algerian-backed Polisario Front which declared the Saharan Arab Democratic
Republic (SADR) in 1976.
In 1976, the territory was invaded by Morocco and Mauritania with Morocco
occupying the northern two-thirds of Western Sahara. Mauritania abandoned their
territorial claims in 1979 under pressure from the Polisario. Morocco moved to
occupy this area shortly afterwards and has since asserted administrative
control.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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