EnCore Oil PLC

nice rise this morning.,.

now why should EO be roaring ahead today? ...... well was spudded 24/1 and no result expected for another 10 days ..... EO holds 15% and PMO 35%, yet PMO hasn't moved at all tho it has been quite strong of late

NPE also well up and into 5+ so something going on, would Xel have an effect on these two if news maybe very good news coming from that directon?

XEL are very lacklustre ..... perhaps good news rumoured but am reluctant to jump back in ..... if it's good, PMO will do well enough out of it anyway

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bid/offer books very level so rise may be suspect - e.g. just short position being closed

allowed greed to rule ..... volume is very high and bid now comfortably outweighs offer and sp has held strong - until now!

From the PMO Catcher Update

http://www.investegate.co.uk/Article.aspx?id=201102080700048329A


...........The Catcher North well was purposely located to penetrate the Cromarty reservoir in an area with less seismic amplitude response than that observed over the equivalent section at Catcher. As a result of the lower than expected oil pay encountered at Catcher North, Premier now estimates the overall oil reserves range for the combined Catcher, Catcher North and Catcher East discoveries at between 40 mmbbls and 80 mmbbls.......

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had my bum bitten as deserved

Why is sp tanking, same for npe down76p. was hoping for a quick profit take this am.

I have been saying for some time that Encore was overvalued.

Far too much future success was in the price, success which is not going to be happening now.

because Catcher result was disappointing ..... have bitten the bullet .... ditto on PMO, though at least i still sold this last tranche at a bit more than the first

what a fantastic blip / dip today - topped up here & a great chance to top up NPE before Kraken results also!!! s lol lol

time will tell how wise you have been - or not ....meanwhile i watch PMO to see if 20.00 will hold

Am still i profit here and npe so will wait and see.

i am sure it will - cheers

some thing to hope for:

Commencement of Drilling Operations on Cladhan Appraisal Well

EnCore Oil plc (LSE: EO.) is pleased to announce that the Cladhan appraisal well 210/30a-4 located in Northern North Sea Block 210/30a was spudded at 20.00 hours on Monday 28 February 2011.

The objective of the appraisal well is to drill further down dip into the Cladhan structure, to the south east of the original 2008 discovery and subsequent 2010 side-track wells, to attempt to discover deeper oil in the structure.

The well is being drilled using the Transocean Prospect semi-submersible rig and is expected to take approximately 40 days, subject to weather and operational requirements.

The equity in Blocks 210/29a & 210/30a joint venture partnership is as follows: EnCore Oil plc (16.6 per cent.), Sterling Resources Limited (39.9 per cent., Operator), Wintershall (UK North Sea) Limited (33.5 per cent.) and Dyas UK Limited (10 per cent.).

Graham DorB.Sc. (Hons.) in Geology and M.Sc. in Petroleum Geology and EnCore's Exploration Director, who has over 20 years' experience in the oil exploration and production industry, has reviewed and approved the technical information contained in this announcement.

EnCore Oil considers floating new company
StockMarketWire.com
EnCore Oil is considering floating a new company containing its exploration assets to raise money for a drilling programme.

The firm - which would have a significant stake in the new company - says it wants to maximise the potential value of its exploration portfolio and avoid undue further dilution of shareholders' interests.

Exploration of these assets would be at higher working equity levels than EnCore would have retained and allow the retention of operatorship control which would likely have been lost via individual farm-outs.

EnCore posts a loss attributable to equity holders of the parent of 3.8m for the six months to the end of December compared with a profit of 17.4m last time.

Operating losses fell to 3.6m - down from 8.2m - and the firm remains debt free with a cash balance of 31.0m compared with 41.9m at the end of June.

Been topping up here to:
Encore Oil initiated with buy rating at Arbuthnot, TP 211p

Possible takeover target? The rumours seem to be circulating. Looks as though someone seems to think so with a 10p rise today.

Was starting to wonder whether I should have sold a few weeks ago (was in at 15p), now wondering whether I should be topping up!

you know it's a crap day when a company comes out with a strong rns and sp falls! ...... a small extract gives the flavour, so perhaps today's pullback could be seen as a buying opportunity ....

The well has confirmed both the presence of a large oil column in the main Cladhan reservoir as well as a new hydrocarbon bearing reservoir sequence, and has yet to find an oil water contact.

Comment from the FT Oil sector watcher:
"After a 5% increase in the shares yesterday, an announcement from EO today that the second appraisal well on the Cladhan oil discovery in the North Sea has been successful (EO = 16.6% interest). The deviated well encountered oil bearing sands in two Jurassic intervals, the Upper zone had a gross column of 18 feet and a net of 13 feet and the Lower reservoir had a gross column of 256 feet and net of 21 feet. Whilst this net to gross is quite small (the appraisal well last August had a net to gross of 102 ft/159 ft), the well is believed to be in communication with the original Cladhan discovery. Moreover the group now believes that it has a minimum hydrocarbon column of 1200 feet. No oil/water contact has yet been found, although the rig will now drill a sidetack significantly downdip in an attempt to establish this should take around 20-25 days. Whilst no further reserves update has been provided, this looks like positive news. EO currently carries total contingent/prospective oil in place resources of 256m barrels on a P50 basis and 466m barrels on a P10 basis. Assuming 40% recovery, this could lead to recoverable reserves of 102m-186m barrels, or 17m-31m barrels net to EO. Whilst there is still a lot of work to do to understand what is clearly quite a complicated structure, this nevertheless looks good news. Along with its 15% stake in the Catcher/Varadero discoveries (15m-20m barrels net EO), Id say there is still material upside in the share price and Id be a buyer."