During the interim, EnCore Oil has enjoyed three successful wells drilled, flowing gas at excellent rates; offshore gas storage feasibility study results confirmed the viability of the Esmond and Gordon fields potential to form a 145 bcf gas storage facility; a placing with new and existing shareholders raising UK12.5 million (before expenses); and farm outs to three new joint venture partners: Revus Energy, Wintershall and Challenger Minerals.
Commenting on the results, EnCore Chief Executive, Alan Booth said, "Our strategy of building a broad portfolio of opportunities and associated drilling activity is now starting to bear fruit. The strength of our share price over the last three months shows the recognition in the market of the potential value of our asset base. The second half of 2007 saw success in our drilling programme at Old Head and Schull in the Celtic Sea, but perhaps more importantly at Breagh in the UKCS Southern Gas Basin. All three wells flowed gas at excellent rates. We also had a positive outcome with our gas storage feasibility study at Esmond and Gordon which highlighted the previously overlooked potential value of this project. It is my hope that by the end of 2008 we will have a smaller portfolio but with greater overall value, positioned further along the E&P value chain. We will, of course, continue to engage with others where we see strategic opportunity in acquisitions, mergers or disposals from either an asset or a corporate perspective."
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