EnCore Oil Increases North Sea Portfolio
EnCore Oil has entered into sale and purchase agreements for the acquisition of four oil and gas exploration companies: privately held Virgo Oil & Gas plc and Virgo Energy Limited, Nido Petroleum (UK) Limited, a UK subsidiary of Australian listed Nido Petroleum Limited, and Grove Energy (UK) plc, a UK subsidiary of Toronto and AIM quoted Grove Energy Limited.
These acquisitions add a number of UK licensed Blocks and part Blocks in the North, Central and Southern areas of the North Sea.
Consideration for the acquisitions consists of the issue to the vendors of 37,000,000 new ordinary shares of 5p in the Company and will represent approximately 15% of the enlarged share capital of the Company. The number of Ordinary Shares in issue following completion of these transactions will be 241,885,286.
Completion of these acquisitions, which is expected to occur before the end of the year, is subject to the usual regulatory consents including DTI consent.
Alan Booth, EnCore's Chief Executive Officer, commented:
"We are very pleased with the acquisition of these assets. This acquisition is a continuation of our ongoing strategy of broadening and deepening our opportunity set and balancing the associated risk profile. Our offshore UK exploration portfolio now includes a significantly increased presence in the Southern Gas Basin and exposure to additional near term drilling opportunities. The increased portfolio will provide us with an enhanced ability to manage our portfolio and to prioritise those assets which we believe are more likely to create sustainable and realisable value for our shareholders."
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