EO. Encore Oil

 

TIDMEO. 
 
RNS Number : 7862O 
EnCore Oil PLC 
05 July 2010 
 

 
 
Press Release 
 
For immediate release: 5 July 2010 
 
EnCore Oil plc ('EnCore' or 'the Company') 
 
 
                      Catcher South West Appraisal Result 
 
EnCore Oil plc (LSE: EO.) is pleased to provide an update on the Catcher South 
West Appraisal side-track well located in UK Central North Sea block 28/9. 
The 28/9-1Y well was drilled to a Total Depth of 6,255 feet Measured Depth 
(M.D.) having successfully encountered excellent quality oil bearing reservoir 
sandstones at the target Cromarty Sandstone level. Initial analysis indicates a 
gross reservoir interval (M.D.) of 449 feet, equivalent to a vertical reservoir 
thickness of 261 feet; a net vertical sand thickness of 121 feet; a hydrocarbon 
column of 173 feet; and fluid levels consistent with the oil water contact seen 
in the Catcher discovery well. 
The current phase of the Catcher area drilling programme is now complete and the 
Galaxy II rig will be released following completion of the 28/9-1Y well 
operations. In the meantime, EnCore and its co-venturers are preparing to 
acquire a number of new site surveys, starting this month, over additional 
potential drilling locations in Block 28/9. The group is also in discussions to 
secure a rig for a further exploration and appraisal drilling programme for the 
Catcher area. It is possible, though at this time uncertain, that further 
drilling may recommence as soon as the autumn. Further announcements will be 
made as appropriate on the likely timing of future drilling activity. 
 
 It is expected that the cost to EnCore of the current drilling campaign 
will not make a material impact on the Company's cash resources. 
Alan Booth, EnCore's Chief Executive Officer, commented: 
 
"This is another great result. This side-track, downdip from the original 
Catcher discovery well, has successfully appraised the south western part of the 
Catcher structure and has reconfirmed our seismic interpretation and provided 
greater confidence in our oil in place estimates. Additional Cromarty sand units 
were developed beneath the oil water contact and we will now integrate this 
information into our on-going evaluation of the Catcher accumulation. We believe 
that the group has established an important new North Sea discovery with very 
significant on block upside potential, and we look forward to returning to the 
Catcher area as soon as practicable. We now await the start of appraisal 
drilling later this month at Cladhan, operated by Sterling Resources, which will 
commence following release of the J.W.McLean rig from its current drilling 
operations." 
 
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    |                      | 
+------------------------------------------+----------------------+ 
| Yvonne Fraser, Investor Relations        | +44 (0)7957 241      | 
| Manager                                  | 408                  | 
+------------------------------------------+----------------------+ 
|                                          |                      | 
+------------------------------------------+----------------------+ 
| Westhouse Securities Limited             |                      | 
+------------------------------------------+----------------------+ 
| Tim Feather                              | +44 (0) 20 7601      | 
|                                          | 6100                 | 
+------------------------------------------+----------------------+ 
| Matthew Johnson                          |                      | 
+------------------------------------------+----------------------+ 
 
 
 
Notes to Editors: 
Block 28/9 is located in the Central North Sea on the edge of the western 
margins of the Central Graben. Catcher is approximately 110 miles off the coast 
of Aberdeen. 
 
The 28/9-1 original Catcher discovery well established a minimum 240 feet oil 
column with a calculated net pay of 90 feet. 
 
The equity in the Catcher joint venture partnership is as follows: EnCore Oil 
plc (15 per cent., Operator), Premier Oil (35 per cent.), Wintershall (UK North 
Sea) Limited (20 per cent.), Nautical Petroleum (15 per cent.) and Agora Oil & 
Gas (15 per cent.). 
EnCore Oil plc (LSE:EO.) is an oil and gas exploration and production (E&P) 
company quoted on AIM. 
 
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 over 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. 
 
 
www.encoreoil.co.uk 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCUSRARRVABRUR 
 

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