Progress on French Licence
April 26 2007 - 8:52AM
UK Regulatory
RNS Number:5777V
EnCore Oil PLC
26 April 2007
PRESS RELEASE
For immediate release: 26 April 2007
EnCore Oil plc ("EnCore" or the "Company")
EnCore Progresses French Exploration Licence
EnCore Oil plc (LSE: EO.) is pleased to announce that agreement has been reached
to form a partnership for its licence application in the Paris basin. The Mairy
licence (formerly Vitry la Ville) is situated close to Chalons sur Marne and
covers an area of 444 square kilometres. In response to a suggestion by the
French regulatory authorities, following two separate applications for a licence
in this area, EnCore (E&P) Limited has agreed with both Lundin International
("Lundin"), and Toreador Energy France ("Toreador") to combine their
applications. Lundin will hold 40 per cent. and operate the licence, Toreador
and EnCore will each own a 30 per cent. interest. It is anticipated that the
licence award should now be confirmed by the authorities in the next few months.
Lundin is an experienced operator in the region with a number of exploration and
production licences. Toreador also owns and operates oil fields and exploration
acreage in the region.
The licence contains the previously producing LVB-1 well, which produced
approximately 59,000 barrels of oil during 688 producing days before being
abandoned.
Commenting on the award, Alan Booth, Chief Executive Officer of EnCore Oil plc,
said:
"We are pleased to announce this addition to our portfolio with our first
interest in France, which we expect to be formally awarded shortly. We believe
the licence has great potential and are particularly pleased to be entering into
partnership with Lundin and Toreador, both experienced operators in the area."
Graham Dore B.Sc. (Hons.) in Geology and M.Sc. in Petroleum Geology and EnCore's
Exploration Director, who has over 19 years' experience in the oil exploration
and production industry, has reviewed and approved the technical information
contained in this announcement.
For further information 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 8900
Glossary of Technical Terms
"barrel" one barrel of oil; 1 barrel = 35 Imperial gallons (approx.), or 159
litres (approx.); 7.5 barrels = 1 tonne (approx.); 6.29 barrels = 1
cubic metre
This information is provided by RNS
The company news service from the London Stock Exchange
END
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