EO. Encore Oil

    RNS Number : 4952Y
  EnCore Oil PLC
  07 July 2008
   

    

    Press Release
    For immediate release: 7 July 2008


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


    Rig Secured for Esmond Evaluation Well

    EnCore Oil plc (LSE: EO.) notes the announcement made by Northern Offshore Ltd. ("Northern") stating that the Energy Enhancer jack up
rig owned by Northern has been contracted by Star Energy ("Star") to drill the well on the Esmond field located on UK North Sea Block
43/13a.  The pressure test well is now expected to commence in October 2008.

    Once the results of the well are known, and assuming they come within the expected range of outcomes then it is likely that EnCore may
seek to sell its 100 per cent. subsidiary, EnCore Gas Storage Limited ("EnCore Gas Storage").  Although it has not been entirely ruled out,
it is unlikely that the Company would seek to demerge EnCore Gas Storage,as the Company believes its strategic aims of returning value to
shareholders can now be achieved without the additional cost and time involved in a listing and demerger.

    Alan Booth, Chief Executive Officer, commented: "We're pleased that a rig has been secured for Esmond.  The information provided from
the pressure test will help fully define the potential size and scope of the Esmond Gordon gas storage project. Once defined, we will have
greater certainty on the value."

    As part of the commercial arrangements between Star (now a subsidiary of Petronas) and EnCore, Star will bear the cost of the drilling
of this well.  EnCore has a 50 per cent. interest in the licence and Star Energy, the operator, also has a 50 per cent. interest.


    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 / Matthew Johnson          +44 (0)113 246 2610

 KBC Peel Hunt
 Jonathan Marren                        +44 (0)20 7418 8900

      
    Notes to Editors:

    EnCore Oil plc (LSE: EO.) is an oil and gas exploration and production (E&P) company quoted on the Alternative Investment Market (AIM).

    It is not Encore's aim to build a full cycle E&P company.  The Company's 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 of 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.

    www.encoreoil.co.uk 


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

Encore Oil (LSE:EO.)
Historical Stock Chart
From Sep 2024 to Oct 2024

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