EnCore Oil PLC

another dull day..lol.

It's doing a Rockhopper.

drifting a little while waiting for next drill report i reckon, need some news.,.

all E&P companies off on the back of RKH collapse yesterday ...... seemingly nothing specific about EO

hlyeo has shorted it, thats whats happened mitz :))

Sector sympathy!

lol Balerboy.

EO. is not in the Falklands, is it?... LOL.

lol

This is the reason for sp drop and delay, concerned that rig still hasn't been assigned to EO. yet.

Varadero Rig Update



EnCore Oil plc (LSE: EO.) announces that the Transocean Galaxy II rig has yet to arrive on site at the Varadero location on Block 28/9 due to bad weather conditions at the Varadero location. The rig has been able to leave its previous location, and is en-route to Dundee where it will remain, hopefully for a short period only, until a suitable weather window is available to take it to the Varadero location. The Galaxy II rig has not yet been assigned to EnCore

It means they're not paying for it yet if I read it right. I'd call that good news.

for sure they won't be paying if it isn't assigned (lol) but i take your point .... industry language and english can confuse

the short version of today's rns .....

Encore Oil Plc : * Notes the announcement today by Sterling Resources ltd * Significant upside still remains on the cladhan block as can be seen from sterling's p10 figures * We hope to return to further appraisal drilling at cladhan in Q1 next year

As an update, the rig due to drill next well is still held up in Dundee harbour and with next weeks storm on it's way I think it will stay there.

From the other side:

Anxious investors are clogging up one of Dundee City Council's most popular webpages because they are so desperate to check on the progress of a Stannergate-berthed rig which is set to explore a 25 billion North Sea oilfield.



City wakes up to a towering surprise
Article search The GSF Galaxy II has been in dock in the city for almost three weeks, but is due to move on to the newly-discovered Catcher field as soon as weather allows.

So eager are oil enthusiasts and prospectors, however, that they are checking up on the rig's progress regularly using Dundee's live City Square webcam.

The movable camera which already attracts thousands of hits a month from surfers keen to see live pictures from the heart of the city allows viewers to catch a glimpse of the rig by panning to the east.

But the demand for the online view is so great that many would-be cam-watchers are being met with a message saying the hardware is too busy due to other clients.

Users who do manage to connect to the live feed are finding that their picture is already trained on the Galaxy II.

Oil industry watcher Simon Campbell said, "The Dundee webcam is currently the focus of a huge amount of attention from private investors across the UK and possibly the world.

"It is in the happy position of being able to be controlled so that they can take turns to view the Transocean Galaxy II rig sheltering out in the Tay just to the east of the city.

"Anyway, all this attention means there are frequent 'too busy' messages from the camera as too many people are looking, and whenever a normal punter goes to see what is happening in the centre of Dundee, it is either too busy or they suffer the same view of the rig because for the last two weeks some 'oilie' has been in control."

"Exceptional" oilfield

A council spokesman said the number of visitors to the camera had shot up by 3000 on the previous month during October.

The Galaxy II is operated by Transocean, the world's largest drilling company.

It is being leased to exploration firm EnCore Oil to further examine the Catcher field, 110 miles east of Aberdeen.

The London company has described their June find as "exceptional" and say the reservoir could contains as much as 300 million barrels of crude worth more than 25 billion at current market prices.

Last night EnCore's Yvonne Fraser said, "We're just waiting for a weather window so we can get out there and do further exploration on Catcher.

"There are a lot of people from the company and investors who are in anticipation and just want the rig to get out there as soon as possible."

Transocean also leased the Deepwater Horizon, which exploded killing 11 workers and causing the world's largest ever oil spill in the Gulf of Mexico earlier this year, to BP.

The other Stannergate rig, the Rowan Gorilla VII which arrived in June to a flurry of attention for its towering height and otherworldly appearance departed the city on Wednesday.

Goldman Sachs ratings on a few companies out today.



BUYS

Rockhopper started with buy rating at Goldman Sachs
Nautical Petroleum initiated with buy rating at Goldman Sachs
Northern Petroleum started with buy rating at Goldman Sachs
Nighthawk Energy started with buy rating at Goldman Sachs
BowLeven initiated with buy rating at Goldman Sachs
Desire Petroleum initiated with buy rating at Goldman Sachs
Borders & Southern initiated with buy rating at Goldman Sachs
Falkland Oil & Gas initiated with buy rating at Goldman Sachs
Tullow Oil downgraded to neutral from buy at Goldman Sachs

------------

NEUTRALS

Sterling Energy initiated with neutral rating at Goldman Sachs
Valiant Petroleum initiated with neutral rating at Goldman Sachs
Max Petroleum initiated with neutral rating at Goldman Sachs
EnQuest initiated with neutral rating at Goldman Sachs
Tower Resources initiated with neutral rating at Goldman Sachs
Dominon Petroleum started with neutral rating at Goldman Sachs
Cove Energy started with neutral rating at Goldman Sachs
Faroe Petroleum initiated with neutral rating at Goldman Sachs
Melrose Resources initiated with neutral rating at Goldman Sachs

------------

SELLS

Gulf Keystone Petroleum started with sell rating at Goldman Sachs
Encore Oil started with sell rating at Goldman Sachs

Can't see rig moving any day soon so sold 1/3rd.

i've banked the profit from a slab of these too

Rig moved out of Dundee harbour last night about 1600 h and was confirmed leaving firth of Tay by onshore observer. Details confirmed about 0930 this morning on Offshore 247... see http://www.offshore247.com/news/art.aspx?Id=18035

"Next Catcher area well to commence
Published 09.12.2010 09:33:48 by John Bradbury. Heavy duty jackup Galaxy II is heading back out into the North Sea to prepare to start drilling another exploration well in the UK Catcher field area.

Operator Nautical Petroleum said the Galaxy II left Dundee harbour yesterday to head out ......."
http://www.offshore247.com/news/art.aspx?Id=18035

only to a holding area, sp got excited first thing but dropping back.,.