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."
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