26th Licensing Round Awards
October 27 2010 - 9:04AM
UK Regulatory
TIDMEO.
RNS Number : 0994V
EnCore Oil PLC
27 October 2010
EnCore Oil plc ('EnCore' or the 'Company')
26th Licensing Round Awards
EnCore Oil plc (AIM: EO.) is pleased to announce that EnCore and its
subsidiaries have been offered two licences covering six blocks and part blocks
in the 26th Seaward Licensing Round. All six blocks have been offered under
traditional licence terms. EnCore expects to become operator on both of the
licences. Further details on all the licences offered are set out in the
attached appendix.
The licences comprise traditional licences for blocks 14/29e, 20/4c (part),
20/5f (part), 28/5, 28/10a and 29/1d (split).
Blocks 14/29e, 20/4c (part) and 20/5f (part) lie to the south west of the Tudor
Rose heavy oil discovery and the Buffalo prospect in EnCore's existing blocks
14/29c (split), 14/30b (split) and 14/30a. EnCore will be Operator with a 50
per cent. equity and has agreed to reprocess existing 3D seismic data and has a
drill or drop option on these blocks.
Blocks 28/5, 28/10a and 29/1d (split) lie east and north east of the Catcher oil
discovery in EnCore's existing blocks 28/9 and 28/10b; EnCore will be Operator
and there is a drill or drop option on these blocks. EnCore has 100 per cent.
equity in this licence.
Commenting on the awards, Graham Doré, Exploration Director said:
"We are extremely pleased by the offers of award which complement and further
strengthen EnCore's UK portfolio, particularly in the Greater Catcher area. We
believe these awards further demonstrate our ability to participate effectively
in an extremely competitive market place for the acquisition of opportunities
which have the potential to add value to our portfolio."
The award of these licences is subject to the usual regulatory approvals.
APPENDIX
+--------------------+--------------+----------+--------------------+-------------+
| Blocks & Part |Traditional/ |EnCore's | Operator & | Location |
| Blocks | Promote |Interest | Co-Venturers | |
+--------------------+--------------+----------+--------------------+-------------+
| 28/5, 28/10a & | Traditional | 100% | EnCore Petroleum | Central |
| 29/1d (split) | | | (Operator) | North Sea |
| | | | | |
+--------------------+--------------+----------+--------------------+-------------+
| 14/29e, 20/4c | Traditional | 50% | EnCore Petroleum | Central |
| (part) & 20/5f | | | (Operator) | North Sea |
| (part) | | | Endeavour Energy | |
| | | | UK Limited | |
+--------------------+--------------+----------+--------------------+-------------+
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:
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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