Cladhan Resource Estimation (5938U)
October 19 2010 - 2:01AM
UK Regulatory
TIDMEO.
RNS Number : 5938U
EnCore Oil PLC
19 October 2010
Press Release
For immediate release: 19 October 2010
EnCore Oil plc ('EnCore' or 'the Company')
Cladhan Resource Estimation
EnCore Oil plc (LSE: EO.) notes the announcement today by
Sterling Resources Ltd ("Sterling"), operator of the Cladhan
discovery on UK Northern North Sea Block 210/29a.
Sterling has received an independent resource evaluation from
RPS Energy on the gross contingent and prospective oil in place
estimated to exist in the Cladhan discovery. The resource estimate
was compiled in accordance with the Canadian Oil and Gas Evaluation
Handbook standards, as required by Canadian National Instrument
51-101 standards.
The estimated range of both contingent and prospective resources
of oil in place (STOIIP) at P90, P50 and P10 estimates are as
follows:
P90 P50 P10
Contingent Resources (mm bbls) 43 89 155
Prospective Resources (mm bbls) 76 167 311
Commenting on the new STOIIP estimates, Alan Booth, EnCore's
Chief Executive Officer, said:
"This is an excellent outcome from the recent drilling campaign.
Even though we have yet to establish an oil water contact, these
figures suggest a P50 STOIIP potentially in excess of 250mm bbls.
Significant upside still remains on the block as can be seen from
Sterling's P10 figures.
"The site survey for the next appraisal drilling location at
Cladhan is underway and, dependent upon receiving the necessary
regulatory approvals from the UK government and sourcing a suitable
rig, we hope to return to further appraisal drilling at Cladhan in
Q1 next year."
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 Manager +44 (0)7957 241 408
Westhouse Securities Limited
Tim Feather +44 (0) 20 7601 6100
Matthew Johnson
Glossary
"contingent resources" those quantities of petroleum estimated,
as of a given date, to be potentially recoverable
from known accumulations using established
technology or technology under development,
but which are not currently considered to
be commercially recoverable due to one or
more contingencies. Contingencies may include
factors such as economic, legal, environmental,
political, and regulatory matters, or a lack
of markets. It is also appropriate to classify
as contingent resources the estimated discovered
recoverable quantities associated with a
project in the early evaluation stage
------------------------ ---------------------------------------------------
"mm bbls" millions of barrels of oil
------------------------ ---------------------------------------------------
"P10" 10 per cent. probability that the value will
be equal to or greater than the stated value
------------------------ ---------------------------------------------------
"P50" 50 per cent. probability that value will
be equal to or greater than stated value
------------------------ ---------------------------------------------------
"P90" 90 per cent. probability that value will
be equal to or greater than stated value
------------------------ ---------------------------------------------------
"prospective resources" those quantities of petroleum estimated,
as of a given date, to be potentially recoverable
from undiscovered accumulations by application
of future development projects. Prospective
resources have both an associated chance
of discovery and a chance of development.
------------------------ ---------------------------------------------------
"STOIIP" stock tank oil originally in place
------------------------ ---------------------------------------------------
Notes to Editors:
Cladhan is located 225 miles north east of Aberdeen in 536 feet
water depth.
The equity in the Cladhan joint venture partnership is as
follows: EnCore Oil plc (16.6 per cent.), Sterling Resources Ltd
(39.9 per cent., Operator), Wintershall (UK North Sea) Limited
(33.5 per cent.) and Dyas (10 per cent.).
EnCore Oil plc (LSE: EO.) is an oil and gas exploration and
production (E&P) company quoted on AIM.
EnCore has a balanced portfolio of offshore assets, based mainly
in the UK Continental Shelf (UKCS) and a significant equity holding
in AIM listed Egdon Resources plc (LSE: EDR).
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
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