EnCore Oil plc has entered into a farm-out agreement with Fairfield Acer Limited ("Fairfield"), a subsidiary of Fairfield Energy Limited, whereby Fairfield will acquire a 25 per cent. interest and operatorship of UKCS Block 9/27a. EnCore will retain a 62.5 per cent. interest in the block.
Under the terms of the farm-out agreement, Fairfield will have the option, but not the obligation, to increase its equity up to a maximum of 62.5 per cent. on a promoted basis. Fairfield will also assume its equity share of the overriding royalty of 1.2 per cent.
This agreement is subject to the usual regulatory approvals.
Alan Booth, Chief Executive Officer, commented, "We are pleased that Fairfield is joining and assuming operatorship of the 9/27a partnership. We believe that their unrivalled experience in the area and operatorship of the adjacent Crawford field will allow the group to maximise the potential of the licence."
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