Perenco has agreed to purchase a 100-percent interest in the block for an initial payment of US$2 million, together with an additional contingent payment payable on first production, plus a per barrel royalty payment on any oil produced from the block.
EnCore currently holds 95-percent interest in block 21/30S with Petro-Canada holding five percent. Completion of the transaction is subject to DTI approval of Perenco's work program for the license and the usual regulatory approvals.
Alan Booth, Chief Executive Officer of EnCore, commented:
"We are pleased to have concluded this agreement with Perenco, a well-respected and successful North Sea operator. The agreement is in line with our strategy of managing our portfolio of opportunities to ensure optimal use of our resources."
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