French regulatory authorities suggested the companies join forces following two separate applications for a license in the area. Lundin, an experienced operator in the region with a number of exploration and production licenses, will hold 40 percent interest and will serve as operator. Toreador, which also owns and operates oil fields and exploration acreage in the region, and EnCore will each own a 30-percent interest. It is anticipated that the license award should now be confirmed by the authorities in the next few months.
The license contains the previously producing LVB-1 well, which produced approximately 59,000 barrels of oil during 688 producing days before being abandoned.
"We are pleased to announce this addition to our portfolio with our first interest in France, which we expect to be formally awarded shortly," said Alan Booth, Chief Executive Officer of EnCore Oil. "We believe the license has great potential and are particularly pleased to be entering into partnership with Lundin and Toreador, both experienced operators in the area."
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