UK: EnCore Oil Bags Two Licences in 26th Seaward Licensing Round
- Business & Finance
EnCore Oil announces 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.
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.
EnCore Oil plc 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.
Source: EnCore, October 29, 2010;