EnCore Oil & Gas Acquires Six Blocks in Central UK North Sea

EnCore Oil & Gas has acquired six blocks in the UKCS Central North Sea. EnCore has signed a Sale and Purchase Agreement to acquire the blocks from Petro-Canada UK Limited. EnCore's equity interests will range from 20.1% to 95%, and it anticipates becoming operator of five of the blocks. The blocks already contain a number of undeveloped discoveries. EnCore intends to re-evaluate the potential for their commercial development as well as moving forward a number of currently identified exploration prospects on these blocks to a drill ready status.

Alan Booth, Chief Executive of EnCore said: "We are excited about the potential of these blocks. The central North Sea is a prolific area for hydrocarbons and contains most of the UK's remaining potential and is an area where the EnCore team has extensive experience. This acquisition fits well with our strategy to build a portfolio of exploration and appraisal acreage in the UKCS. We look forward to working with our co-venturers to move forward with meaningful work programs in these areas." The acquisition is subject to regulatory consent and is expected to close before the end of the year.