EnCore Oil Admitted to AIM

EnCore Oil plc reports that following a reverse takeover of Oil Quest Resources plc, which was announced on February 7, 2006, the Company is now trading on AIM under the new name of EnCore Oil plc with the ticker 'EO.'

Following a placing of 112,000,000 new ordinary shares, the Company now has 201,876,203 ordinary shares in issue and a market capitalization of £70.2m as at market close on March 3, 2006.

The Company's strategy is to create shareholder value through the successful exploration and appraisal of prospects and discoveries, and the development of those assets through to commercial sanction. The initial focus will be the UK onshore and offshore. This may be expanded with select international opportunities where the directors believe they can use their background and experience to create additional value for the company.

Subject to regulatory approval of the Petro-Canada Acquisition, EnCore will have interests in six licenses covering eight blocks in the central North Sea / Moray Firth including six undeveloped discoveries. EnCore also has 13 licenses located onshore UK in the Wessex, Weald and Cleveland Basins and one license in the Southern North Sea gas basin. In addition, EnCore has received an offer of an award for the offshore Laguera block license in the Western Sahara.