EnCore Oil PLC

This was in The Times yesterday - no time to post then as I was out most of the day:

Shares in EnCore Oil rose 2p to 52p after rumours that the company has abandoned plans to float its half-share in its offshore gas storage project in the North Sea in favour of an auction to be conducted by NM Rothschild, to be concluded in the next few days.

The speculation was that EnCore had been approached by a big energy group. Eni, Total, Statoil and Gaz de France were all seen as potential buyers of the half-share. Star Energy, which operates the project, owns the other half and is about to be taken over by Petronas, of Malaysia, was thought to be looking at ways to block the sale if it does not approve of the winning bidder. It fears that an oil group with other priorities could delay the project to develop what would be Britains biggest gas store.

To open at 60/63p
cyril

Cotter try checking the latest RNS,s on
http://uk-wire.com
put Epic in address box.
cyril

FOR THE COTTER, CHEER.

http://www.investegate.co.uk/article.aspx?id=200802291040260480P
Spudding of Barbarossa gas appraisal well.
Al any info on this well?
cyril

http://www.investegate.co.uk/Article.aspx?id=200803250701436548Q
cyril

Reading around the various boards i came across that AB at the AGM stated
their are ways of returning value to shareholders, take a look at Westmount.
They awarded 1 for 2 shares held,so its looking good for news which is expected
late next month?
cyril

two to watch tomorrow then, for both SOLA and EO. have closed just nudging underneath 50 dma ..... this could presage either a strong challenge or more likely imo, unless Dow suddenly surges, a retreat to consolidate again.

Almost 4,5m shares traded today,was it bargain hunting or perhaps this may have
sexed up the gas storage issue?
http://www.nwemail.co.uk/news/viewarticle.aspx?id=820079
cyril

EO. doing very nicely this morning .... long may it continue

Looked last night and have to say perhaps should be buying , even now all indicators looking good....

Good shout cynic, up 6p 12% on the day. Rumour doing the rounds that news due
out next week, seems to have excited some traders. Whatever, AB stated news
"by" May, so maybe we might even test 60p once more?
cyril

Cursing myself now, was pondering buying earlier @50p and did nothing...

http://www.investegate.co.uk/Article.aspx?id=200804080701208227R
cyril

Gas Storage and Demerger Update


EnCore Oil plc (LSE: EO.) is pleased to provide an update on its gas storage
business.

The drilling of the Esmond evaluation well, to be operated by Star Energy, is
expected to commence in July/August 2008. It has become clear that the results
of the forthcoming Esmond evaluation well will be critical to providing greater
certainty on the value of the Esmond Gordon gas storage project.

As a result, the Board of EnCore has concluded that it is not in the best
interests of shareholders to complete the previously announced demerger process
at this time and consequently has decided to postpone the demerger until after
the results of the forthcoming Esmond evaluation well.

In the meantime, as previously announced, the Board of EnCore is continuing to
evaluate a range of options in relation to its gas storage business.

EnCore has received strong interest from a number of industry participants
concerning the acquisition, in part or in whole, of EnCore's interest in the
Esmond Gordon gas storage project. EnCore continues to be advised by Rothschild
in relation to this matter.

A further announcement will be made when appropriate.

not sure what to make of that ..... for sure sp will drop this morning, but is there much more underlying that statement, good or bad?

nearly bought more yesterday ..... glad i did not!

Agree the SP will take a hit today, though i see the longer position as being positive. A sucessful drilling result wil imo double the value of the G/Storage.
cyril

i was wondering whether it might be a prelude to a t/o offer .... anyway, looks like we shall not have anything to digest until Q4

Ouch, 41/42p range, great buying opportunity imo?
cyril

you can now buy at about 39 ..... no hurry to jump in, though perhaps ther may be a quick trading opportunity