EnCore Oil PLC

Highlights drom todays update.

Rig agreement signed for Cladhan appraisal well in Q2 2010

Site survey shot and rig negotiations underway for Catcher well in Q1/2 2010

Celtic Sea collaboration agreement with Valhalla Oil & Gas Limited

Transaction with Egdon Resources expected to complete in Q1 2010

Gas Storage project to be marketed in Q1 2010

Over 17 million shares bought back to date

Cash of 42 million and debt free

Look at the bottom line,"A M/CAP of UNDER 42M"

I see the Gas Storage is back in play.
cyril

Bought in this yesterday, continuing to do research and have come across the 'Tudor project'. Can anyone confirm if this is on the backburner? Found a presentation on the Nautical Petroleum website which would suggest it's not top of thier list. Appreciate anyone's views.

Press Release



For immediate release: 22 March 2010



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





Sale of assets to Egdon Resources



Further to the announcement on 23 September 2009, EnCore Oil plc (LSE: EO.) announces that Sale and Purchase Agreements have been signed with Egdon Resources plc ('Egdon', LSE: EDR) for the sale of the group's onshore assets (onshore UK and onshore France) together with its interest in the Ceres gas field, in return for a material equity stake in Egdon (the "Sale").



The key points of the Sale are:



The transfer to Egdon of EnCore's interests in nine UK and two French onshore licences and an interest in the Ceres gas field on the UKCS



The issue to EnCore and its subsidiaries at completion of the Sale of 39,200,000 ordinary shares in Egdon, which will equate to 29.998 per cent. of Egdon's enlarged share capital on completion of its placing also announced today



The payment by Egdon to EnCore of 100,000 upon completion of the sale of the subsidiary holding the French licences



The appointment of an EnCore nominee as a Non-Executive Director of Egdon, to take effect at the time of completion of the first Sale and Purchase Agreement. It is anticipated that the nominee will be Alan Booth, EnCore's Chief Executive Officer



The establishment of a Technical Services Agreement under which EnCore will provide Egdon with technical, commercial and accounting services, to be charged on a day-rate basis



The provision by EnCore to Egdon of a loan facility of up to 1.5 million, available for a two year period from completion of the transactions, at an interest rate of 10% or LIBOR plus 5% if greater



The commitment by EnCore to retain its shareholding in Egdon for a minimum of 12 months from the date of admission to trading on AIM of the Egdon shares to be issued in consideration, with orderly market provisions for a further 12 months





The transfer to Egdon of EnCore's UK onshore licences and interest in Ceres is subject to approval by Egdon shareholders at a general meeting to be held on 6 April 2010; the usual regulatory approvals from the Department of Energy and Climate Change (DECC); and approval from the joint venture partners on each licence. In addition French regulatory consent will be required for the sale of the subsidiary holding Encore's French licences.





Commenting on the acquisition, Alan Booth, EnCore's Chief Executive Officer said:



"Our shareholding in Egdon will place a tangible and transparent valuation on parts of our overlooked asset base. Egdon is an experienced and committed onshore player, and, as a result of this transaction, we believe that Egdon now has the capacity and resources to grow into a significant onshore E&P company. As Egdon's largest shareholder, EnCore will continue to actively support and assist in Egdon's ambitious growth plans."



Commenting on EnCore's upcoming activity, he added:



"EnCore's strategy remains unchanged, and we very much look forward to drilling both the Catcher and Cladhan wells in the coming months. We have also recently finalised arrangements for the marketing of our 100 per cent. interest in the prospective 130bcf Esmond gas storage project. From a future strategic perspective, we are seeing increasing consolidation activity and note recent announcements of strategic directional changes to companies currently principally involved in the UK offshore E&P sector. With this changing backdrop to the UK offshore small cap sector, and the continuing limited availability of debt and equity capital, we remain alert for any consolidation or acquisition opportunities that may present themselves. We believe that our strong capital resources, our debt free balance sheet and our minimal commitments should serve us particularly well in this regard."





For further information, please contact:



EnCore Oil plc
www.encoreoil.co.uk

Alan Booth, Chief Executive Officer
+44 (0)20 7224 4546

Eugene Whyms, Chief Financial Officer



Yvonne Fraser, Investor Relations Manager
+44 (0)7957 241 408






Westhouse Securities Limited



Tim Feather
+44 (0) 20 7601 6100

Matthew Johnson











Notes to editors:



Assets included in the divestment are listed below:



Onshore UK







Licence


Equity (%)
Operator

PEDL068
Cleveland Basin
20.0
Egdon Resources

PEDL256
Weald Basin
7.5
Northern Petroleum

PEDL125
Weald Basin
10.0
Northern Petroleum

PEDL126
Weald Basin
10.0
Northern Petroleum

PEDL154
Weald Basin
10.0
Northern Petroleum

PEDL155
Weald Basin
10.0
NP Weald Limited

PEDL098
Wessex Basin
7.5
Northern Petroleum

PEDL240
Wessex Basin
7.5
Northern Petroleum

PEDL253
Humber
60.0
EnCore










Onshore France







Mairy
Paris Basin
30.0
Lundin

Nimes
Rhone Graben Basin
100.0
EnCore










Ceres







P.1241
47/9c, Southern North Sea
10.0
Centrica


About EnCore Oil plc

EnCore Oil plc (LSE:EO.) is an oil and gas exploration and production (E&P) company quoted on AIM.

It is not the Company's aim to build a full cycle E&P company. The principal strategy is to create shareholder value through the successful exploration and appraisal of prospects and discoveries. The Company will seek to monetise or exchange the asset at the appropriate point in its life cycle and return value directly to shareholders wherever possible.

EnCore has an experienced and proven management team, a number of whom were responsible for the discovery of the Buzzard field in the UK North Sea, which currently produces over 10 per cent. of the UK's total oil production.

All EnCore's commercial and material technical evaluations are undertaken in-house by the EnCore team. This brings both continuity to the management and development of the assets and an ownership that is vital to unearth the best and most creative new ideas and opportunities.


www.encoreoil.co.uk

Oil discovery...50 million barrels by Premier oil and sorts...This is interesting....along with NPE and PMO who have at long last hit the jackpot....so there's still oil in the north sea...this is good news for the UK and our balance of exports and the pound...it all helps...

Had a read through and found out that it has a big balance and no debt....sounds good to me....

Starting to pick up now.....well, another oilie front opened up here....golden age for aim-oil stocks....

Go baby go....

And there are a few more prospects to drill.....

As this was a late rns...a further rise tomorrow morning is very much on the cards...

I'm sure somebody once said this was a boring stock?

;-)))

Taken profits .....what with this and the falkies....I've been typing like a nutter this morning....

Slipping back now....but this is a good stock with no debt...one to watch for sure...

Some good news here....jumped back in....more to come....

probably me Al!

300 million barrels....in the north sea...not bad a discovery....

i'm amazed that all you oily geeks seem to have missed this one ...... even after the surge a few weeks ago, sp continues to perform steadily to stronger and i'ld guess there's plenty more puff left - my wallet has said so!

haven't missed it, still in with a free ride.,.

Lots of good news coming along for this share.

Why has EO. jumped this morning yet NPE and XEL have stayed the same? thought they would all move together as all connected.

Must of missed rns in my sleepy state, now i know.,.
Successful side track completed.