EnCore Oil PLC

any tiny profit left will soon be gone as sp is heading back down to the pathetic depths of last 12 months.......only 13.5p now!

Still over 30% to the good with stop at breakeven. I'll stick with it for now, thanks. ;-)))))))

Financial highlights

Gain on sale of EnCore Nederland B.V. 1.2 million following Amstel sale for US$5.5 million to Taqa in September 2008

Loss after tax 1.5 million (2008: loss of 2.4 million)

Cash and cash equivalents 5.4 million at 30 June 2009 (2008: 14.5 million)

Remains debt free

80% of Breagh proceeds expected in September 2009




Outlook

Completion of Ceres development with production commencing in late 2009

Appraise the Cladhan light oil discovery in early 2010

Exploration drilling on Block 28/9 Catcher in early 2010

Complete post well evaluation of Cobra and progress field development planning

Complete technical evaluation of the Esmond/Gordon Gas Storage project

Execute share buy back programme

Business plan for 2009/10 supported by strong balance sheet including Breagh disposal proceeds

looking ok to me and thinking of a top up,with over 41m for the sale of Breagh,
against aM/Cap of 43m+5m in cash seems a bargain to me and could hit
20p next month?
cyril

Helix to provide Esmond review
IAIN ESAU
342 words
21 August 2009
Upstream
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EnCore enlists Aberdeen-based consultant for revised project

UK junior EnCore Oil has appointed Helix RDS to provide an independent assessment of the viability of a revised plan to develop the Esmond gas storage project in the UK North Sea.

Star Energy, a Petronas subsidiary, withdrew from the proposed scheme earlier this year after results from a pressure test well showed reservoir behaviour to be more complex than initially modelled.

Despite EnCore's view that the storage project is still "technically viable with a different engineering solution", Star's withdrawal for economic and strategic reasons put paid to any further progress on front-end engineering and design work.

EnCore then assumed full control of the project in blocks 43/13a, 43/15a and 43/20a after acquiring Star's 50% stake in the asset.

"We have reworked possible development options on the project and have recently commissioned Helix RDS to provide an independent assessment of the technical viability of the project, which could then lead to further studies," said chief executive Alan Booth.

Booth said work is under way to redesign a development plan for Esmond to account for partial repressurisation of its lower reservoir.

Aberdeen-based Helix will peer review and, where necessary, refine the scheme.

Booth said EnCore hopes to carry out a detailed reservoir simulation study this summer, and, "assuming the results support our planned development scheme we will examine how we might achieve best value for our shareholders".

Chairman Mike Lynch added: "We are now at the stage where we have a project for which we need a new partner or a new owner in order for it to be progressed.

"We still firmly believe in the technical viability of the asset, but recognise that its value is dependent on others seeing the value, as we do, of this asset in a market which is crying out for gas storage."

Like the part,or new owner.

taken from another board.


MMs seem to be absorbing sales at 14p. I wonder if they are accumulating stock so as to sell them at above 14p to Encore when the buyback programme starts. Every 1 million spent on buybacks would require MMs to 'find' say 6.5 million + shares.

Al any thoughts on the buy back price?
ctril

Press Release

For immediate release: 26 August 2009

EnCore Oil plc ('EnCore' or 'the Company')

Completion of Disposal of EnCore SNS Ltd (Breagh Gas Discovery)

EnCore Oil plc (LSE: EO.) is pleased to announce the completion of the sale of
its 15 per cent. interest in the Breagh gas discovery on Block 42/13 and
surrounding acreage in the UK Southern North Sea.

In line with the
announcement on 22 July 2009, RWE Dea has paid a total cash consideration to
EnCore of US$44.7million plus GBP14.7m (in repayment of inter-company debt). 20
per cent. of the consideration for the sale of EnCore (SNS) Ltd (US$12.8million)
will be held in an interest bearing escrow account for 12 months as security
against any potential warranty or indemnity claims by the purchaser.

There
is not expected to be any tax payable by EnCore on the sale proceeds.
cyril

Not exactly the rise i was expecting,although it wasn't unknown. Still feel we'll see a steady re-rating?
imho
cyril

much better stocks to have in your portfolio

Well thats probably true when your looking for blue sky,but this is a safer
stock with reasonable chance of an upturn? Its prudent to hold such in ones portfolio. Along side such as AST,HMB,RXP,MXP,URU and XTR all which have made excellent progress lately.
CEY,CHL,DGO along with EO. to bring a little balence,awaiting for SKR to
come good?
cyril

you call EO a "proper" company?????
well i guess compared to some of that riff-raff you list above, EO is almost blue chip

You mean the RBS's etc,no thamks,several multi baggers in that lot as you didcribe them. Funny there i was thinking that doubling my money added up to doing o.k.
I'll have to go and see where i'm going wrong?lpl
cyril

nice one cyril....lol cynic, 40:30 to cyril

depneds when you truly bought and if you have actually banked ... in the latter case, almost certainly not at all ...... don't know CHL but CEY is a good company but taking a long time to go anywhere, and of course DGO is 52% held by ENOC which gives inherent problems with valuation

BB not into pont scoring,just to exchange views and info?
cyril

Although off topic, i will cover my selections;
AST, From its recent disappointment rose 75%(4p/7.5p),and now with the latest success, Pen 105 due next week.
CHL Mearsured resource of over half a billion tonnes of thermal coa; and a supply agreement for next year.
DGO Oiler and awaiting the result of an pffer,but producing 45,000bopd.
HMB A gold miner with production,teething problems seem to have been sorted.
MXP Oiler with hugh asswts,"more comprehensive strategic and operational update" from news at the begining of month.
RXP Again great assets anf close to selling one(Dallez) for a lot of bucks.
URU Undervalued on its KAH holdings alone, but has a lot more valuable assaets
of its own.
XTR Soon to be a producer in Turkey with much more to come.

As far as EO.,check out its cash balence with nore to come.
aimo
cyril
p.s. PELE has promised well results this month. L

lighten up cyril. lol

lol
cyril

RNS Number : 7556Z
EnCore Oil PLC
28 September 2009


Press Release

For immediate release: 28 September 2009


EnCore Oil plc ('EnCore' or 'the Company')

Share Buy Back Programme


EnCore Oil plc (LSE: EO.) announces that it will today commence a share buy back programme through its broker, Hanson Westhouse Limited, using the authority granted by shareholders at the Company's AGM on 17 September 2009.

Shareholders approved the buy back of up to 100,000,000 ordinary shares. Shares purchased will be cancelled. No shares purchased will be held in treasury.

The shares will be purchased on-market on the London Stock Exchange within certain pre-set parameters. Subject to the Company being in close periods, the programme can continue for up to 12 months from the date it was approved, following which authority from shareholders may or may not be sought again.

Announcements providing details of shares purchased in the programme will be made in accordance with the AIM Rules for Companies.

i've given up on this share......nothing happens to sp whether news or no news. probably most boring share on market. i'm slightly up on it so it aint sour grapes but unless one bought in big at some point 6 to 12 months ago then this share is crap

Whatever. Cash now cover mkt cap and am up 50%. Go figure. ;-)))

i bought too at just over 10p but that was about a year ago.......shares have rocketed in less than 6 months, this one has done nothing