EO. Encore Oil

    RNS Number : 4914E
  EnCore Oil PLC
  29 September 2008
   

    

    Press Release
    For immediate release: 29 September 2008

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


    EnCore Farms Out Interest in Blocks 28/9 & 28/10c

    EnCore Oil plc (LSE: EO.) is pleased to announce that it has entered into a farm-out agreement with Revus Energy (UK North Sea) Limited
('Revus') whereby Revus will acquire a 20 per cent. interest in central North Sea blocks 28/9 and 28/10c from EnCore.  EnCore will retain a
15 per cent. interest in the licence.

    Under the terms of the farm-out agreement, Revus will contribute to the costs of drilling the 'Catcher' exploration well on a promote
basis with drilling likely in early 2009.  As a result of this farm-out agreement and our original agreement with Oilexco, the current
licence operator, it is expected that this well will be drilled at no cost to EnCore.

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

    Alan Booth, Chief Executive Officer, commented:

    "We are pleased to be able to offer our shareholders exposure to further potential value adding opportunities with little or no capital
exposure.  We look forward to drilling the Catcher prospect in 2009." 


    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
 Matthew Johnson                                                
                                                                
 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 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. This portfolio
includes an active drilling programme.

    www.encoreoil.co.uk 


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