Yes as foretold here the news is and was in!
Great result 200p will certainly be hit here in the very near future. Expect a 150p minimum hit before the end of the week.
Here is the news in its entirety.
For immediate release: 4 October 2010
EnCore Oil plc (‘EnCore’ or ‘the Company’)
Second Successful Cladhan Appraisal and Update on Catcher Operations
EnCore Oil plc (LSE: EO.) is pleased to announce initial results of the second side-track on UK Northern North Sea Block 210/29a which contains the Cladhan discovery.
Well 210/29a-4Y, the second side-track to be drilled on the Cladhan discovery, was drilled to a total measured depth of 11,530 feet, approximately 1km to the southeast of the original 2008 discovery well. Initial results from logging while drilling data indicate the side-track encountered a 258 feet gross hydrocarbon bearing reservoir interval (169 feet vertical thickness) with 108 feet net pay (71 feet vertical thickness). The well has established oil down to 9,643 feet subsea. No oil water contact has been penetrated.
Further wireline logging, downhole sampling and pressure measurements will now be undertaken to confirm this information. The original discovery well and the two side-tracks indicate a hydrocarbon column in excess of 425 feet.
Once the current operations are completed, the JW McLean rig will be released from the Cladhan location. The next step in the appraisal of Cladhan will be to analyse all of the data gathered in order to decide on the next drilling location and perform a site survey. It is possible that the next phase of drilling at Cladhan could commence in Q4 2010 dependent upon rig availability, otherwise drilling will resume at Cladhan early next year.
Alan Booth, EnCore’s Chief Executive Officer, commented
“This is another excellent result from Cladhan. It is still too early to put a precise figure on how large the discovery might be, but we are now very confident that we have a potentially significant commercial accumulation. We hope to return to the Cladhan area at the earliest opportunity to establish both the southern extent of Cladhan and drill further down dip in search of the contact.
“Following on from our Catcher drilling programme announced last week, the Galaxy II rig has not yet been assigned to EnCore as bad weather has prevented the rig from being mobilised to the Catcher area from its current operating location. Arrival at the Varadero location is dependent on a suitable weather window for its mobilisation. A further announcement will be made upon spud of the Varadero well in due course.”
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.
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|
|Yvonne Fraser, Investor Relations Manager||+44 (0)7957 241 408|
|Westhouse Securities Limited|
|Tim Feather||+44 (0) 20 7601 6100|
Notes to Editors:
Cladhan is located 225 miles north east of Aberdeen in 536 feet water depth.
The equity in the Cladhan joint venture partnership is as follows: EnCore Oil plc (16.6 per cent.), Sterling Resources Ltd (39.9 per cent., Operator), Wintershall (UK North Sea) Limited (33.5 per cent.) and Dyas (10 per cent.).
Catcher is located 110 miles east of Aberdeen in 307 feet water depth.
The equity in the Catcher joint venture partnership is as follows: EnCore Oil plc (15 per cent., Operator), Premier Oil (35 per cent.), Wintershall (UK North Sea) Limited (20 per cent.), Nautical Petroleum (15 per cent.) and Agora Oil & Gas (15 per cent.).
EnCore Oil plc (LSE:EO.) is an oil and gas exploration and production (E&P) company quoted on AIM.
EnCore has a balanced portfolio of offshore assets, based mainly in the UK Continental Shelf (UKCS) and a significant equity holding in AIM listed Egdon Resources plc (LSE: EDR).
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 over 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.
Keep watching Encore this week as broker targets increase on further good news!
- Wintershall makes new oil discovery in UK North Sea (newstatesman.com)
- Sterling Resources provides operations update (newswire.ca)
- Sterling resources announces second quarter operating and financial results (newswire.ca)
- Sterling Resources Ltd. – Cladhan Appraisal Well Confirms Excellent Thick Oil Bearing Channel Sand Reservoir (newswire.ca)
- Sterling Resources announces UK North Sea operations update (newswire.ca)
- Sterling Announces Successful Well Test at Cladhan (newswire.ca)
- Encore, Wintershall find more North Sea oil-report (reuters.com)
- Sterling Resources confirms North Sea Cladhan find (reuters.com)
- UPDATE 1-EnCore sees Cladhan well producing over 15,000 bopd (reuters.com)