EnCore Oil PLC

It's down but it's up...euhh I hope that makes sense !.

Breagh Horizontal Well Update

EnCore Oil plc (LSE: EO.) is pleased to announce the successful drilling of the 42/13-5 high angle pilot hole and 5z horizontal well on Block 42/13 in the United Kingdom North Sea.

The 42/13-5 well was directionally drilled from the same seabed location as the 42/13-3 well drilled during 2007, and encountered the top of the Breagh reservoir approximately 17 feet higher than anticipated. At this point the well bore was angled at 70 degrees and entered the reservoir some 1,700 feet south east of the 42/13-3 well. The 42/13-5 'pilot hole' encountered 165 feet of gas bearing sand (approximately 55 feet vertical thickness) confirming consistency with previous wells and reached a final depth of 8,892 feet measured depth below rotary table (MDBRT).

The pilot hole was then cemented back above the reservoir and the drilling of a 2,500 feet horizontal well (denoted 42/13-5z) commenced. The horizontal well reached a final total depth of 10,746 feet MDBRT on 2 January 2009. The 42/13-5z well drilled a total of circa 1,200 feet of gas bearing sand.

A 7 inch liner has been run and the well will be tested in the next two to three weeks. Following completion of testing, it is planned to suspend the well as a potential development well.

EnCore has a 15 per cent. interest in the licence and the operator, Sterling Resources Limited, has a 45 per cent. interest.

Alan Booth, EnCore's Chief Executive Officer, commented:

'We are very pleased with the progress made so far on this well. It has confirmed the ability to successfully drill a horizontal well within the Breagh reservoir and testing should establish the reservoir performance from a horizontal well. This will give the partnership a better understanding of development options, production profiles and recoverability.'

cyril

;-))))

The UKs EnCore Oil has assembled a fairly large portfolio of assets, principally in and around the UK and Ireland. In addition, it holds a pair of blocks in France, plus a frontier play with the offshore Laguera block in the

What happened ? did the front door bell go ?

this is from this weeks investors chronical
-canadian's sterling resources and it's partners faroe perto and ENCORE have successfully drilled horiz well in breagh gas discovery. drilling results have indicated that east breagh and west breagh discoveries form one large potentially largest undeveloped gas field in britain. breagh could produce first gas in 2010 an estimate 200-300 million cubic feet a day!!!
future looks good once the dust settles

A lot of oil stocks should start to rise sooner or later, we just have to be patient......not a good year for anybody this one so far.....we shall see in months to come !.

PS, There was a bit of a rebound earlier on,....TLW, DNX have risen a bit !.

TLW has risen on the back of a seriously first class find in Ghana as has its partner HOIL .... for all that, sp has not risen as much as perhaps it should, partly because of general malaise due to current low crude price, and also because of "fear" of a need to raise extra funds for development.

EO is still very much a minor player, but is at least "playing" in a safe political area and has at least reasonable grounds for an optimistic future

AL ..... how good a result is this? .....


EnCore Oil plc has revealed successful testing of the Breagh horizontal well in the southern North Sea.
The well - 42/13-5z on Block 42/13 - tested dry gas at a maximum rate of 26 million standard cubic feet per day through an 80/64 inch choke at a flowing wellhead pressure of circa 890psi.
The well was then shut in for an initial pressure build up survey after which the well was flowed for a further 59 hours at various rates to evaluate reservoir performance fully.

EnCore has a 15% interest in the licence and the operator, Sterling Resources Limited, has a 45% interest.

cynic

Not bad, but I've seen higher flow rates from same length of net pay in the same area. Longevity is a key and there's no info on that.

I remain a holder for sure.

NOT GOOD.

Esmond Gas Storage - Update




EnCore Oil plc (LSE: EO.) announces that following an extensive evaluation of the results of the recent Esmond well, Star Energy Group plc, a wholly owned subsidiary of Petronas ('Star Energy') and EnCore have concluded that from a technical perspective its use as a gas storage facility would appear to be viable, albeit with a somewhat more complex development and start up phase. Star Energy has, however, indicated that from an economic and strategic perspective it does not meet their current investment criteria, and as such they no longer wish to proceed into the Front End Engineering and Design phase as required in the farm-in agreement with EnCore.




Alan Booth, EnCore's Chief Executive Officer, commented:




'Whilst we are naturally disappointed with this outcome, we can understand that Star Energy now has a broader strategic remit and potential investment portfolio within Western Europe. We would like to thank them for the extensive work and effort that they have expended on the project over the last two years to help move the project forward and we wish them well.




'EnCore is not alone in believing that the UK is woefully short of gas storage capacity, only recently highlighted by the supply disruptions in Eastern Europe. The work carried out to date indicates that the project is technically viable and we will seek to move the project forward, although the constraints caused by the current capital and debt environment make it difficult to assess the likelihood of attracting further investment in the near term.'

cyril

disappointing, but is it really that important for EO's development?

It was a gamble...if it had been conclusive : the share sp would have rocketed...this is not the time to sell because EO. have plenty more strings to their bow !.

Not worried. Gas storage is a tricky thing and probably shouldn't be included in any valuation of a company. I'm not sure how profitable it is, but I'd expect finding the stuff and producing it to be very much more positive financially.

sort of my view - i.e. the storage was just an add-on bonus

Nice top up for Mr Booth.

EnCore Oil plc ('the Company') announces that it was notified on 5 March 2009 that Alan Booth, a director of the Company, on that day purchased 250,000 ordinary shares of 5p each in the capital of the Company at an average price of 7.93p per share. Following this transaction, Mr. Booth holds 9,825,000 ordinary shares, representing 3.20% of the issued share capital.

cyril

D/post

Nice top up Alan Booth.

EnCore Oil plc ('the Company') announces that it was notified on 5 March 2009 that Alan Booth, a director of the Company, on that day purchased 250,000 ordinary shares of 5p each in the capital of the Company at an average price of 7.93p per share. Following this transaction, Mr. Booth holds 9,825,000 ordinary shares, representing 3.20% of the issued share capital.

cyril

For immediate release: 9 March 2009

EnCore Oil plc

Director/PDMR Shareholding

EnCore Oil plc ("the Company") announces that it was notified on 6 March 2009 that Graham Dor a director of the Company, on that day purchased 130,000 ordinary shares of 5p each in the capital of the Company at an average price of 8.125p per share. Following this transaction, Mr. Dorholds 6,558,229 ordinary shares, representing 2.13% of the issued share capital.

cyril