EnCore Oil PLC

TLW has risen on the back of a seriously first class find in Ghana as has its partner HOIL .... for all that, sp has not risen as much as perhaps it should, partly because of general malaise due to current low crude price, and also because of "fear" of a need to raise extra funds for development.

EO is still very much a minor player, but is at least "playing" in a safe political area and has at least reasonable grounds for an optimistic future

AL ..... how good a result is this? .....


EnCore Oil plc has revealed successful testing of the Breagh horizontal well in the southern North Sea.
The well - 42/13-5z on Block 42/13 - tested dry gas at a maximum rate of 26 million standard cubic feet per day through an 80/64 inch choke at a flowing wellhead pressure of circa 890psi.
The well was then shut in for an initial pressure build up survey after which the well was flowed for a further 59 hours at various rates to evaluate reservoir performance fully.

EnCore has a 15% interest in the licence and the operator, Sterling Resources Limited, has a 45% interest.

cynic

Not bad, but I've seen higher flow rates from same length of net pay in the same area. Longevity is a key and there's no info on that.

I remain a holder for sure.

NOT GOOD.

Esmond Gas Storage - Update




EnCore Oil plc (LSE: EO.) announces that following an extensive evaluation of the results of the recent Esmond well, Star Energy Group plc, a wholly owned subsidiary of Petronas ('Star Energy') and EnCore have concluded that from a technical perspective its use as a gas storage facility would appear to be viable, albeit with a somewhat more complex development and start up phase. Star Energy has, however, indicated that from an economic and strategic perspective it does not meet their current investment criteria, and as such they no longer wish to proceed into the Front End Engineering and Design phase as required in the farm-in agreement with EnCore.




Alan Booth, EnCore's Chief Executive Officer, commented:




'Whilst we are naturally disappointed with this outcome, we can understand that Star Energy now has a broader strategic remit and potential investment portfolio within Western Europe. We would like to thank them for the extensive work and effort that they have expended on the project over the last two years to help move the project forward and we wish them well.




'EnCore is not alone in believing that the UK is woefully short of gas storage capacity, only recently highlighted by the supply disruptions in Eastern Europe. The work carried out to date indicates that the project is technically viable and we will seek to move the project forward, although the constraints caused by the current capital and debt environment make it difficult to assess the likelihood of attracting further investment in the near term.'

cyril

disappointing, but is it really that important for EO's development?

It was a gamble...if it had been conclusive : the share sp would have rocketed...this is not the time to sell because EO. have plenty more strings to their bow !.

Not worried. Gas storage is a tricky thing and probably shouldn't be included in any valuation of a company. I'm not sure how profitable it is, but I'd expect finding the stuff and producing it to be very much more positive financially.

sort of my view - i.e. the storage was just an add-on bonus

Nice top up for Mr Booth.

EnCore Oil plc ('the Company') announces that it was notified on 5 March 2009 that Alan Booth, a director of the Company, on that day purchased 250,000 ordinary shares of 5p each in the capital of the Company at an average price of 7.93p per share. Following this transaction, Mr. Booth holds 9,825,000 ordinary shares, representing 3.20% of the issued share capital.

cyril

D/post

Nice top up Alan Booth.

EnCore Oil plc ('the Company') announces that it was notified on 5 March 2009 that Alan Booth, a director of the Company, on that day purchased 250,000 ordinary shares of 5p each in the capital of the Company at an average price of 7.93p per share. Following this transaction, Mr. Booth holds 9,825,000 ordinary shares, representing 3.20% of the issued share capital.

cyril

For immediate release: 9 March 2009

EnCore Oil plc

Director/PDMR Shareholding

EnCore Oil plc ("the Company") announces that it was notified on 6 March 2009 that Graham Dor a director of the Company, on that day purchased 130,000 ordinary shares of 5p each in the capital of the Company at an average price of 8.125p per share. Following this transaction, Mr. Dorholds 6,558,229 ordinary shares, representing 2.13% of the issued share capital.

cyril

Encore Oil (EO.), a Times report today suggests Centrica are interest in bidding 500m for the Breagh gas field. Encore has a 15% stake (which would be valued at over 24p per share at a 500m bid).
cyril

Seems to have excited the market. up 23%
cyril

;-)))

Added 3 days ago. She's trying to break up. 20p anyone?

Make that 2 days ago. Doh!

This was definitely the one to be on IMO. ;-)))

HOIL hasn't been too shabby either!

.............. but definitely not EME. ;-))