EnCore Signs Laguera License in the Western Sahara

EnCore has signed a formal Production Sharing Contract and associated Assurance Agreement with the Government of the Saharawi Arab Democratic Republic ("SADR") for the Laguera License located offshore Western Sahara.

The Laguera License covers an area of approximately 20,000 square kilometers in water depths ranging from 0 to over 4,000 meters. EnCore has a 100% working interest in the block, which is located immediately adjacent to Mauritanian Territorial waters.

The SADR is a full member of the African Union and is recognised as the sovereign authority for the territory referred to as Western Sahara. Western Sahara is officially classed as a 'non-self governing territory' by the United Nations. The agreements conform to oil industry standards and follow accepted international legal principles and UN guidelines with respect to non-self governing territories.

Alan Booth, Chief Executive of EnCore said: "We are delighted to have signed these agreements with the SADR in the first licensing round in the area. EnCore recognises and supports the aspirations of the Saharawi people in their quest for self determination and we look forward to constructive engagement between the relevant parties to achieve an acceptable solution under the guidance of the UN."

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