EnCore Bolsters UK Portfolio

EnCore Oil plc said that it has completed the acquisition of four oil and gas companies: privately held Virgo Oil & Gas plc and Virgo Energy Limited, Nido Petroleum (UK) Limited, a UK subsidiary of Australian Stock Exchange-listed Nido Petroleum Limited, and Grove Energy (UK) Limited, a UK subsidiary of Toronto and AIM quoted Grove Energy Limited.

Consideration for the acquisitions comprises 37,000,000 new ordinary shares of 5p each in the Company, which have been issued and allotted to the vendors. The new shares represent approximately 13.7% of the enlarged share capital of the Company. The number of ordinary shares in issue following completion of these transactions is 271,051,952. Application has been made to AIM for the admission of the new shares, which is expected to take place on 22 January 2007.

The acquisition of the four companies adds a significant number of UK licensed blocks and part blocks in the North, Central and Southern areas of the North Sea to EnCore's existing offshore UK portfolio.

Since the announcement of the acquisitions on 25 October 2006, EnCore has concluded two farm outs on the acquired acreage encompassing the recently announced agreements on a gas storage feasibility study for Block 43/8 with Star Energy, and Block 47/9c with Venture Production. In addition, the Company has received confirmation from the DTI that all five of the 22nd Round promote licenses acquired as part of the acquisition are to be continued into the second "traditional" phase.

Alan Booth, EnCore's Chief Executive Officer, commented:

"EnCore's financial capacity, technical and operating capability has enabled us to quickly conclude farm-out agreements on a number of the acquired blocks to add drilling and evaluation opportunities to our forward program. We intend to continue this active portfolio management throughout 2007."

Related Companies
 Company: Venture Productionmore info
 - Venture Production Shuffles Board (Sep 10)
 - Venture Announces Board Changes (Aug 27)
 - Venture Advises Shareholders to Accept Centrica's Offer (Aug 25)
 Company: U.K. Department of Trade & Industrymore info
 - Ithaca Completes Basil Farmout (May 2)
 - Elixir Issues Quarerly Activities Update (Apr 23)
 - Flagship UK North Sea Gas Project in Doubt Over Costs (Apr 18)
 Company: Nido Petroleummore info
 - Partners Nearer to Further Development of Galoc Oil Field Offshore Palawan (Jul 14)
 - Otto Energy Completes Sale of Galoc Production Co. Stake to Nido for $106M (Feb 17)
 - Philippines DOE Approves PNOC-EC's Transfer of 10% Stake in SC 63 to Nido (Jan 9)
 Company: Grove Energy Ltd.more info
 - Sterling Resources Ups Interest in Craiova Block Onshore Romania (Aug 18)
 - Stratic Energy Sells Offshore Tunisia Interests for $1 Million (Jan 7)
 - Grove to Cancel AIM Admission (Apr 27)
 Company: Star Energymore info
 - Providence, Star Sign Agreement for Dragon License (Nov 12)
 - Star Energy Group Fires Up Production at Avington Oil Field (Jan 27)
 - EnCore Notes Preliminary Pressure Results at Esmond Reservoir (Nov 4)
 Company: EnCore Oil plcmore info
 - Deo Petroleum: Amalgamation Agreement Finalized (Jan 12)
 - Egdon Acquires EnCore Stake (Jan 6)
 - Weather Delays Drilling at EnCore's Tudor Rose Well (Dec 8)
 Company: Virgo Energymore info
 - EnCore Bolsters UK Portfolio (Jan 17)
 - Encore Oil to Undertake Offshore Gas Storage Feasibility Study (Dec 15)
 - Grove Sells Majority of UK North Sea Licenses (Oct 25)
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Account Rep, Bus Dev, Sr
Expertise: Business Development|Sales
Location: Houston, TX
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: Tempe, AZ
SXL- Manager, Business Development
Expertise: Business Development
Location: Newtown Square, PA
search for more jobs

Brent Crude Oil : $50.47/BBL 0.98%
Light Crude Oil : $49.72/BBL 1.09%
Natural Gas : $2.76/MMBtu 1.09%
Updated in last 24 hours