EnCore reported that the drilling of the Esmond evaluation well, to be operated by Star Energy, is expected to commence in July/August 2008. It has become clear that the results of the forthcoming Esmond evaluation well will be critical to providing greater certainty on the value of the Esmond Gordon gas storage project.
As a result, the Board of EnCore has concluded that it is not in the best interests of shareholders to complete the previously announced demerger process at this time and consequently has decided to postpone the demerger until after the results of the forthcoming Esmond evaluation well.
In the meantime, as previously announced, the Board of EnCore is continuing to evaluate a range of options in relation to its gas storage business.
EnCore has received strong interest from a number of industry participants concerning the acquisition, in part or in whole, of EnCore's interest in the Esmond Gordon gas storage project. EnCore continues to be advised by Rothschild in relation to this matter.
A further announcement will be made when appropriate.
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