EnCore Oil inked a deal with Century Exploration Ltd., bumping up its interest in the United Kingdom Continental Shelf Block 9/27a from 10% to 87.5%. The agreement also hands operatorship to EnCore. The other participant in the block is Granby Oil & Gas plc.
"EnCore's regional work in this area suggested that there may be overlooked potential in the block," EnCore's CEO Alan Booth said. "It is particularly pleasing to see the recent success announced by Fairfield Energy in adjacent block 9/28. We believe that any redevelopment of the Crawford field will significantly reduce the threshold for commercial developments in block 9.27a."
The agreement is subject to customary regulatory approvals, and EnCore's interest in the block is subject to a revised overriding royalty of 1.2% of its share of revenues. (The royalty interest had previously been 2.75%.)
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