EO. Encore Oil

RNS Number:4762Z
EnCore Oil PLC
03 July 2007

PRESS RELEASE
For immediate release: 3 July 2007

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

   EnCore Farms Out Interest in Blocks 210/29a & 210/30a to New UKCS Entrant

EnCore Oil plc (LSE: EO.) is pleased to announce that it has entered into a
farm-out agreement with Revus Energy (UK) Limited ("Revus") whereby Revus will
acquire a 33.5 per cent. interest in northern North Sea Blocks 210/29a and 210/
30a from EnCore and Sterling Resources Limited ("Sterling Resources"). EnCore
will retain a 26.6 per cent. interest in the licence and Sterling Resources, the
operator, will retain a 39.9 per cent. interest.

Under the terms of the farm-out agreement, Revus will pay 50 per cent. of the
costs of drilling an exploration well up to a total gross cost of #10 million,
and 33.5 per cent of well costs, if any, above #10 million. It is expected that
a well will be drilled on the 'Bowstring East' prospect in 2008.

Revus is an independent Norwegian upstream E&P company listed on the Oslo Stock
Exchange and the farm-in to Blocks 210/29a and 210/30a marks its entry into the
UK North Sea oil and gas sector. Revus is focused on finding oil and gas in
mature areas of the Norwegian and UK Continental Shelf.

This agreement is subject to the usual regulatory consents, including DTI
consent.

Alan Booth, EnCore's Chief Executive Officer, said:

"We are pleased to be entering into this new partnership with Revus Energy, a
well established and highly respected Norwegian company. We look forward to
adding this exciting opportunity to our already extensive forward drilling
programme."

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 8800



Notes to Editors:

EnCore Oil plc (EO.) is a UK focused exploration and production company listed
on the Alternative Investment Market (AIM) on the London Stock Exchange.

EnCore'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 or beyond.

EnCore is led by an experienced and proven management team.

EnCore holds a balanced portfolio of interests in licences with the potential
for providing major capital growth. This portfolio includes interests in the UK
Continental Shelf (UKCS) offshore, several of which include operatorship; UK
onshore in the Cleveland, Weald and Wessex basins; offshore Ireland; offshore in
the Netherlands; and offshore in the Western Sahara.

During 2007/2008 EnCore expects to participate in the drilling of at least
twelve wells in the UK.

www.encoreoil.co.uk




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

END
MSCOKBKPPBKDPOK

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

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