Acquisition of 4 UK Companies
25 October 2006 - 5:02PM
UK Regulatory
RNS Number:9889K
EnCore Oil PLC
25 October 2006
PRESS RELEASE
For immediate release: 25 October 2006
EnCore Oil plc to acquire additional portfolio of UK offshore blocks through the
acquisition of four companies
The Directors of EnCore Oil plc ("EnCore" or the "Company") are pleased to
announce that the Company has entered into sale and purchase agreements for the
acquisition of four oil and gas exploration companies: privately held Virgo Oil
& Gas plc and Virgo Energy Limited, Nido Petroleum (UK) Limited, a UK subsidiary
of Australian listed Nido Petroleum Limited, and Grove Energy (UK) plc, a UK
subsidiary of Toronto and AIM quoted Grove Energy Limited.
These acquisitions add a number of UK licensed Blocks and part Blocks in the
North, Central and Southern areas of the North Sea.
Consideration for the acquisitions consists of the issue to the vendors of
37,000,000 new ordinary shares of 5p in the Company and will represent
approximately 15% of the enlarged share capital of the Company. The number of
Ordinary Shares in issue following completion of these transactions will be
241,885,286.
Completion of these acquisitions, which is expected to occur before the end of
the year, is subject to the usual regulatory consents including DTI consent.
Alan Booth, EnCore's Chief Executive Officer, commented:
"We are very pleased with the acquisition of these assets. This acquisition is a
continuation of our ongoing strategy of broadening and deepening our opportunity
set and balancing the associated risk profile. Our offshore UK exploration
portfolio now includes a significantly increased presence in the Southern Gas
Basin and exposure to additional near term drilling opportunities. The increased
portfolio will provide us with an enhanced ability to manage our portfolio and
to prioritise those assets which we believe are more likely to create
sustainable and realisable value for our shareholders."
A full list of the licences to be acquired is set out as an Appendix to this
announcement.
For further information, please contact:
EnCore Oil plc www.encoreoil.co.uk
Alan Booth, Chief Executive Officer +44 (0)20 7224 4546
Eugene Whyms, Chief Financial Officer
Aquila Financial Limited www.aquila-financial.com
Peter Reilly +44 (0)20 7202 2601
Appendix:
Licence Interests to be Acquired
Licence Traditional/ Blocks & Part Interest Operator Location
Number Promote Blocks (%)
P.1064 Traditional 210/25b & 210/30 40 Sterling Northern
Resources North Sea
P.1199 Promote 210/29 40 Sterling Northern
Resources North Sea
P.1230 Promote 42/13 15 Sterling Southern
Resources North Sea
P.1237 Promote 43/8 100 Virgo Southern
North Sea
P.1241 Promote 47/9c 50 Corsair Southern
North Sea
P.1243 Promote 48/1b & 48/2c 50 Nido Southern
North Sea
P.1327 Promote 42/8, 42/9 & 42/ 15 Sterling Southern
14 Resources North Sea
P.1328 Promote 42/12 15 Sterling Southern
Resources North Sea
P.1332 Promote 43/6 60 Virgo Southern
North Sea
P.1337 Promote 43/15a & 43/20a 100 Virgo Southern
North Sea
P.1350 Promote 47/8d & 47/13c 50 Nido Southern
North Sea
P.1335 Promote 43/13a 100 Virgo Southern
North Sea
P.1377 Promote 210/25d 100 Virgo Northern
North Sea
P.1307 Promote 21/22 30 Sterling Central North
Resources Sea
P.1309 Promote 21/28b 30 Sterling Central North
Resources Sea
P.1395 Promote 12/16b, 12/17a, & 25 Stelinmatvic Moray Firth
12/22a
This information is provided by RNS
The company news service from the London Stock Exchange
END
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