EO. Encore Oil

 

TIDMEO. 
 
RNS Number : 0669Y 
EnCore Oil PLC 
26 August 2009 
 
 
 
 
 
Press Release 
 
 
For immediate release: 26 August 2009 
 
 
EnCore Oil plc ('EnCore' or 'the Company') 
 
 
 
 
 
 
Completion of Disposal of EnCore SNS Ltd (Breagh Gas Discovery) 
 
 
EnCore Oil plc (LSE: EO.) is pleased to announce the completion of the sale of 
its 15 per cent. interest in the Breagh gas discovery on Block 42/13 and 
surrounding acreage in the UK Southern North Sea. 
 
In line with the 
announcement on 22 July 2009, RWE Dea has paid a total cash consideration to 
EnCore of US$44.7million plus GBP14.7m (in repayment of inter-company debt). 20 
per cent. of the consideration for the sale of EnCore (SNS) Ltd (US$12.8million) 
will be held in an interest bearing escrow account for 12 months as security 
against any potential warranty or indemnity claims by the purchaser. 
 
There 
is not expected to be any tax payable by EnCore on the sale proceeds. 
 
 
 
 
 
 
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            |                          | 
+--------------------------------------------------+--------------------------+ 
| Yvonne Fraser, Investor Relations Manager        | +44 (0)7957 241 408      | 
+--------------------------------------------------+--------------------------+ 
|                                                  |                          | 
+--------------------------------------------------+--------------------------+ 
| Aquila Financial Limited                         | www.aquila-financial.com | 
+--------------------------------------------------+--------------------------+ 
| Peter Reilly                                     | +44 (0) 118 979 4100     | 
+--------------------------------------------------+--------------------------+ 
|                                                  |                          | 
+--------------------------------------------------+--------------------------+ 
| Hanson Westhouse Limited                         |                          | 
+--------------------------------------------------+--------------------------+ 
| Tim Feather                                      | +44 (0) 20 7601 6100     | 
+--------------------------------------------------+--------------------------+ 
| Matthew Johnson                                  |                          | 
+--------------------------------------------------+--------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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