EnCore Oil PLC

Great result on E/Breagh, looks like West and East "one hugh field"

East Breagh Well Test Update


* East Breagh well test successfully completed
* Results consistent with estimates used for development planning
* Additional upside potential in lower reservoir

http://www.investegate.co.uk/Article.aspx?id=200810210700092734G
cyril

If the Esmond G.S. result which is due very soon (probably next week)is postive,
then even in this market we "should" see some real movement in the SP. Esmond is
for me is the real value in the company and success would allow the bidding for
this storage facility to go ahead in earnest?
aimho
cyril

With EO. reporting that drilling the last 10mtrs of Esmond Gas Storage would recommence this week, todays SP looks inviting?
aimho
cyril

I can confirm that the drilling has commenced,with just 10mtrs to TD its more than likely completed? So expect news next week.
cyril

EnCore Oil plc ("the Company") announces that it has been notified that, on 29 October 2008, Michael T. Lynch, Chairman of the Company, purchased 75,000 ordinary shares of 5p each in the capital of the Company at an average price of 26.25p per share. Following this transaction, Mr. Lynch holds 8,092,221 ordinary shares, representing 2.63 per cent. of the issued share capital
cyril

My previous post that drilling had started, "should have read preparations for drilling"
From todays RNS just issued

EnCore has received confirmation from the operator, Star Energy, that drilling operations on Esmond recommenced this morning at approximately 7:00 am.

cyril

Esmond looks like a failure...another one with too much hype...



Esmond Evaluation Well - Initial Results


EnCore Oil plc (LSE: EO.) has received preliminary pressure information from the operator, Star Energy, on the Esmond gas storage evaluation well.

The currently available information suggests that the uppermost Esmond reservoir has not undergone any significant repressurisation, whereas the lower part of the reservoir has seen appreciable repressurisation.

Wireline logging and pressure testing are still ongoing and further information will be released as appropriate.

Alan Booth, EnCore Oil's CEO, said;

'The results show the reservoir behaviour to be more complex than initially modelled and it will take some time to assess the impact on project design. The results, whilst preliminary, indicate that some parts of the reservoir will perform as modelled and other parts may require a different engineering solution to that looked at to date. We will continue to work with Star Energy to incorporate and understand the new data and their implications on the project.'

Peter Williams B.Sc. (Hons.) in Physics and EnCore's Group Technical Manager, who has over 35 years' engineering experience in the oil exploration and production industry, has reviewed and approved the technical information contained in this announcement.

i don't think EO. suffers from hype syndrome ..... for sure the drilling result is disappointing, but nearly all you guys seem (to choose) to forget that drilling for oil has few certainties, and successful strike rate is rarely better than 25%

While todays news is extremely disappointing lets not forget we still have Breagh,
which itself justify's holding?
aimho
cyril

Wow how does one well costs 50% drop in sp...now 17p?

I'm thinking this looks rather cheap today. Watching.

Must be a buying opportunity. Discoveries not priced in, so shouldn't drop on faliure. With no intention of becoming a producer future values will be based purely on sellable assets. Reading todays RNS only top half of Esmond is a failure. I would expect a return to previous sp's fairly quickley. ie next couple of weeks.

bad call oily ..... much better oilies to throw money at, if you have to

Havn't gone in as yet, still watching HAWK and AFR. Time will tell but I think, gut instinct if you like, that this will recover fairly sharply.

This market is all about taking opportunities when they present themselves, and I think that this is one of those.

This is not advice to anyone only my personal view. Good luck to all.

my personal view to you, and remember i held these for quite a while , is do not even think about being tempted to buy

It will end up like Elixir Petroleum

i am afraid you could be right, though i always felt that ELP's directors were rewarding themselves far in excess of what the company could afford or its results warranted

Holy crap - I look away for a couple of days and it halves it value lol. I'm glad my retirement doesn't rest on my portfolio right now.

For immediate release: 5 November 2008
EnCore Oil plc ('EnCore' or 'the Company')
Director/PDMR Shareholding
EnCore Oil plc announces that it was notified on 4 November 2008 that Christine M.K. Wheeler OBE, a Director of the Company, on that day purchased 94,000 ordinary shares of 5p each in the capital of the Company at a price of 15.75p per share. Following this transaction, Mrs. Wheeler holds 2,250,657 ordinary shares, representing 0.73 per cent. of the issued share capital.

I've bought a few of these this morning.

;-0