Cobra Flow Test Result
May 19 2008 - 10:18AM
UK Regulatory
RNS Number : 7869U
EnCore Oil PLC
19 May 2008
PRESS RELEASE
For immediate release: 19 May 2008
EnCore Oil plc ("EnCore" or the "Company")
EnCore Announces Results of Testing on Cobra Gas Discovery
EnCore Oil plc (LSE: EO.) announces that the EnCore operated 'Cobra' gas appraisal well 48/2c-5 ("the well") on Southern North Sea block
48/2c has now completed testing. The well tested at a maximum unstimulated dry gas rate of 1.1 million standard cubic feet per day with a
flowing tubing head pressure of 230 pounds per square inch through a 32/64 inch choke. The gas was produced from the Rotliegendes Sandstone
through four and a half inch sand screens across the entire interval from 11,189 feet and 11,683 feet measured depth below rotary table.
Well 48/2c-5 has established a total gas column in the Cobra structure of at least 350 feet true vertical thickness. The results of the
well support the likelihood that there is a significant volume of gas in place within the structure. However, the unstimulated rate is not
commercial, so the well is being suspended pending further evaluation of the most effective well stimulation technique.
Alan Booth, EnCore's Chief Executive Officer, commented:
"We are naturally disappointed that the well would not flow unstimulated at 'commercial' rates. The results of the well have however
given us greater confidence that Cobra contains a significant volume of gas in place."
The EnCore operated well is being drilled by the ENSCO 80 jack-up rig and is being managed by Applied Drilling Technology International
(ADTI) which has over 20 years' experience in providing 'turnkey' drilling services. EnCore has a 20 per cent. interest, together with
co-venturers, Bharat Petroleum Corporation Limited (25 per cent.), Tata Petrodyne Limited (25 per cent.), Norwest Energy (22.5 per cent.)
and Challenger Minerals (North Sea) Limited (7.5 per cent.).
Peter Williams B.Sc. (Hons.) in Physics and EnCore's Group Technical Manager, who has over 35 years' engineering experience in the oil
exploration and production industry, has reviewed and approved the technical information contained in this announcement.
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)118 979 4100
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 (LSE:EO.) is an oil and gas exploration and production (E&P) company quoted on AIM.
At EnCore, it is not the Company's aim to build a full cycle E&P company. The principal strategy is to create shareholder value through
the successful exploration and appraisal of prospects and discoveries. The Company will seek to monetise or exchange the asset at the
appropriate point in its life cycle and return value directly to shareholders wherever possible.
EnCore has an experienced and proven management team, a number of whom were responsible for the discovery of the Buzzard field in the UK
North Sea, which currently produces 10 per cent. of the UK's total oil production.
All EnCore's commercial and material technical evaluations are undertaken in-house by the EnCore team. This brings both continuity to
the management and development of the assets and an ownership that is vital to unearth the best and most creative new ideas and
opportunities.
EnCore currently holds a balanced portfolio of interests in licences both on and offshore, primarily focused on the UKCS. EnCore
expects to participate in the drilling of eight wells before the end of 2008.
www.encoreoil.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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