EO. Encore Oil

RNS Number:7295W
EnCore Oil PLC
17 May 2007

Press Release

For immediate release: 17 May 2007

EnCore Oil plc ("EnCore" or "the Company")

                 Commencement of Drilling Operations on 49/23-2

EnCore Oil plc (LSE: EO.) is pleased to announce the spudding of its gas
appraisal well on block 49/23-2 (the Old Head of Kinsale) located in the Celtic
Sea, offshore Ireland. The well is being drilled using the semi-submersible rig,
Petrolia.

Island Oil & Gas plc ("Island") is the operator of the block with a 65 per cent.
interest, Valhalla Oil and Gas Limited has a 20 per cent. interest and EnCore
holds a 15 per cent. interest, with the option to acquire an additional five per
cent. from Island, subject to certain conditions.

Once the appraisal well is completed, the Petrolia rig will move to the nearby
Island-operated licence 5/05 (the 'Schull' gas field) to drill a further gas
appraisal well. EnCore holds a 12.5% interest in the 'Schull' gas field, with an
option to acquire a further 7.5% from Island, subject to certain conditions.

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 8900

Notes to Editors

The 49/23-2 appraisal well spudded on 16 May 2007 in a water depth of
approximately 290 feet.

This is the second well on the licence following the gas discovery made by
Island on well 49/23-1. Assuming a successful test of well 49/23-2, and subject
to market conditions and regulatory approval, Island and its partners intend to
complete and tie back the two wells to the Kinsale A platform with a view to
producing first gas in the fourth quarter of 2008.

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.



                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
DRLSFEFIMSWSEII

Encore Oil (LSE:EO.)
Historical Stock Chart
From Jul 2024 to Aug 2024

Encore Oil (LSE:EO.)
Historical Stock Chart
From Aug 2023 to Aug 2024