12 May 2008
EnCore Oil plc ("EnCore" or "the Company"): Cobra Appraisal Well Update
EnCore Oil plc (LSE: EO.) is pleased to announce that the Company's first operated well, the 48/2c-5, 'Cobra' appraisal well on Southern North Sea block 48/2c, has reached total depth of 11,805ft measured depth and wireline logging has been completed.
Analysis of wireline log data suggests that the Rotliegendes Sandstone reservoir is gas-bearing as expected. However, until a full testing programme has been completed there is still uncertainty as to whether this reservoir is capable of delivering significant flow rates. The co-venturers have concluded that the results to date support a decision to flow test the well. It is expected that testing operations will take approximately 14 days subject to operational and weather constraints.
The main objective of the 48/2c-5 well is to establish whether the Rotliegendes Sandstone reservoir is capable of flowing at commercial rates. The well is being drilled up dip from the 48/2-1 well, drilled in 1984, which flowed at 2.7 million cubic feet per day. The original 48/2-1 well was interpreted as having reservoir damage and the Company felt that reservoir performance could be improved by the use of modern drilling and completion techniques.
Alan Booth, Chief Executive Officer, commented:
"We are pleased to have completed the drilling phase of our first operated well, the results so far are in line with our pre-drill expectations. We look forward to the results of the testing programme which will provide critical information about the potential deliverability of the reservoir."
The EnCore operated well is being drilled by the ENSCO 80 jack-up rig and is being managed by Applied Drilling Technology International (ADTI) which has over 20 years' experience in providing 'turnkey' drilling services. EnCore has a 20 per cent. interest, together with co-venturers, Bharat Petroleum Corporation Limited (25 per cent.), Tata Petrodyne Limited (25 per cent.), Norwest Energy (22.5 per cent.) and Challenger Minerals (North Sea) Limited (7.5 per cent.).
Graham Doré B.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.
For enquiries, please contact:
EnCore Oil plc
www.encoreoil.co.uk
+44 (0)20 7224 4546
Alan Booth, Chief Executive Officer
Eugene Whyms, Chief Financial Officer
Aquila Financial Limited
www.aquila-financial.com
Peter Reilly +44 (0)118 979 4100
Hanson Westhouse Limited
Tim Feather +44 (0)113 246 2610
KBC Peel Hunt
Jonathan Marren +44 (0)20 7418 8900
Notes to Editors:
EnCore Oil plc (LSE:EO.) is an oil and gas exploration and production (E&P) company quoted on AIM.
At EnCore, it is not the Company's aim to build a full cycle E&P company. The principal strategy is to create shareholder value through the successful exploration and appraisal of prospects and discoveries. The Company will seek to monetise or exchange the asset at the appropriate point in its life cycle and return value directly to shareholders wherever possible.
EnCore has an experienced and proven management team, a number of whom were responsible for the discovery of the Buzzard field in the UK North Sea, which currently produces 10 per cent. of the UK's total oil production.
All EnCore's commercial and material technical evaluations are undertaken in-house by the EnCore team. This brings both continuity to the management and development of the assets and an ownership that is vital to unearth the best and most creative new ideas and opportunities.
EnCore currently holds a balanced portfolio of interests in licences both on and offshore, primarily focused on the UKCS. EnCore expects to participate in the drilling of eight wells before the end of 2008.
www.encoreoil.co.uk
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