EnCore Oil reports that the semisubmersible, Petrolia, has arrived on location in block 18/5 in the Outer Moray Firth and has commenced drilling operations on the 18/5-2 well. Drilling operations are scheduled to take approximately 20 days. Apache is the operator of the block with a 50% interest, while EnCore and Samson North Sea Limited each hold a 25% interest. EnCore's share of the cost of drilling the well is being free carried by Apache and Samson.
EnCore's 25% interest is subject to a previously announced agreement with Century North Sea Ltd which has the option to acquire a 10% working interest in the license following the drilling of the well.
In addition to the 18/5-2 well, EnCore expects to participate in a further six offshore and two onshore wells in the next 18 months in a program comprising:
- 48/22-C – Cirrus exploration/development well operated by Perenco UK Limited
- 43/21-B – Breagh appraisal well operated by Sterling Resources (UK) Ltd
- 47/9c-B – Barbarossa appraisal well operated by Venture Production plc
- 48/2-B – Bounder appraisal well operated by EnCore
- 28/9-C – Exploration well operated by Oilexco North Sea Ltd
- 21/30-S – Exploration well (operator to be confirmed)
- Markells Wood – Onshore exploration well operated by Northern Petroleum plc
- Leigh Park – Onshore exploration well operated by Northern Petroleum plc
EnCore is looking to generate additional nearer term drilling activity from its other existing 23rd and 24th Round Licenses. The Company is also seeking access to additional drilling and development opportunities through further refinement and growth of the portfolio.
Graham Dore, Exploration Director, commented:
"This is a significant milestone for EnCore with the 18/5-2 well being the first of many offshore wells which are scheduled to drill in our portfolio over the next 18 months."
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