Five blocks have been offered under traditional license terms and seven blocks under promote license terms. EnCore expects to become operator of three of the licenses. Further information on all the licenses offered are set out in the appendix below.
The licenses include traditional licenses for blocks 14/30a, 28/9 and 28/10b (split), and 113/29c and 113/30. Promote licenses for blocks 18/10 (part) and 19 /6 (part), which are immediately adjacent to 18/5 and 19/1a, blocks 3/5 and 3/ 10c, block 47/7, and blocks 47/22 and 47/23 (split).
On blocks 28/9 and 28/10b (split), the operator, Oilexco North Sea Ltd., has offered to drill a firm well within 12 months of award. EnCore has a 35% equity interest in the blocks and will have a small part of its well costs paid for by Oilexco. EnCore will be operator of block 14/30a with a 40% working interest and has agreed to drill a well contingent on further evaluation of the 14/30a-2 heavy oil discovery. On blocks 113/29c and 113/30, Nautical Petroleum plc and EnCore have a drill or drop option on a sizeable offshore prospect that could be drilled from an onshore location.
Commenting on the awards, Alan Booth, Chief Executive Officer of EnCore Oil plc, said:
"We are delighted to be offered these awards which complement and further strengthen EnCore's UK portfolio as well as providing additional near term drilling activity. We believe these awards further demonstrate EnCore's ability to participate effectively in an extremely competitive market place for the acquisition of opportunities which have the potential to add sustainable and realizable value to our portfolio. Our exploration and commercial teams deserve full credit for this excellent result."
The award of these licenses is subject to the usual regulatory approvals.
APPENDIX Blocks & Traditional EnCore's Operator & Location Part Blocks / Promote Interest Co-Venturers 14/30a Traditional 40% EnCore Petroleum Central North Sea Limited (Operator) Endeavour Energy UK Limited Nautical Petroleum plc Lundin Heather Ltd. 28/9 & Traditional 35% Oilexco North Sea Central North Sea 28/10b Limited (Operator) (split) EnCore Petroleum Limited Nautical Petroleum plc 113/29c & Traditional 50% Nautical Petroleum plc East Irish Sea 113/30 (Operator) EnCore Petroleum Limited 3/5 & Promote 30% Endeavour (Operator) Northern North 3/10c EnCore Petroleum Sea Limited Invicta North Sea Limited 18/10 (part) Promote 100% EnCore Petroleum Central North Sea & 19/6 (part) Limited (Operator) 47/7 Promote 50% NEW Southern Cross Southern North (Operator) Sea Virgo Oil & Gas plc (now named EnCore (VOG) plc) 47/22 & Promote 60% Virgo Oil & Gas plc Southern North 47/23 (Operator - now named Sea (split) EnCore (VOG) plc) Montrose Industries
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