Asset Sale & Royalty Agr'mt
21 May 2007 - 7:51PM
UK Regulatory
RNS Number:9305W
EnCore Oil PLC
21 May 2007
Press Release
For immediate release: 21 May 2007
EnCore Oil plc ("EnCore" or "the Company")
Asset Sale and Royalty Agreement
EnCore Oil plc (LSE: EO.) is pleased to announce that, together with
Petro-Canada UK Limited ("Petro-Canada"), the Company has entered into a sale
and purchase agreement with Perenco UK Limited ("Perenco") in relation to block
21/30S on licence P.013 in the central UK North Sea.
Perenco has agreed to purchase a 100 per cent. interest in the block for an
initial payment of US$2 million, together with an additional contingent payment
payable on first production, plus a per barrel royalty payment on any oil
produced from the block.
EnCore currently holds 95 per cent. interest in block 21/30S with Petro-Canada
holding five per cent. Completion of the transaction is subject to DTI approval
of Perenco's work programme for the licence and the usual regulatory approvals.
Alan Booth, Chief Executive Officer of EnCore, commented:
"We are pleased to have concluded this agreement with Perenco, a well respected
and successful North Sea operator. The agreement is in line with our strategy of
managing our portfolio of opportunities to ensure optimal use of our resources."
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
Yvonne Fraser +44 (0)20 7202 2609
Hanson Westhouse Limited
Tim Feather +44 (0)113 246 2610
KBC Peel Hunt
Jonathan Marren +44 (0)20 7418 8900
This information is provided by RNS
The company news service from the London Stock Exchange
END
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