EnCore Oil plc has entered into a farm-out agreement with Dyas UK Limited whereby Dyas will acquire a 10% interest in northern North Sea Blocks 210/29a and 210/30a from EnCore. EnCore will retain a 16.6% interest in the license.
It is expected that a well will be drilled on block 210/29a on the Bowstring East prospect (also known as Cladhan) in October 2008 using the Sedco 704 semisubmersible. Under the terms of the farm-out agreement, Dyas will contribute to the cost of the well on a promote basis.
This agreement is subject to the usual regulatory consents, including BERR consent.
Alan Booth, Chief Executive Officer, commented, "We are pleased to welcome Dyas to the license, and look forward to drilling this high impact, light oil, exploration prospect. EnCore continues to focus on exposing our shareholders to a number of potentially significant value adding opportunities whilst ensuring careful stewardship of our existing capital resources and effective management of our risk portfolio."
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