EnCore Sells Off 10% Interest in Amstel Field Offshore Netherlands

EnCore Oil plc has agreed to and completed the sale of its wholly owned subsidiary EnCore Oil Nederland B.V., whose only asset is a 10% interest in the Amstel field offshore Netherlands for consideration of US $5.5 million, paid in cash.

The 10% interest in the Amstel field is encumbered by royalties payable to the previous operator and to others. The purchaser is TAQA Energy B.V.

Alan Booth, Chief Executive Officer, commented, "The sale of the Amstel field follows a review of our E&P portfolio with the objective of focusing our capital on those projects that we believe can have a material impact on the value of the Company. Proceeds from the sale, together with the reduction in expenditure required to develop Amstel, will be focused on delivering our planned drilling program over the next 12 months."