EnCore Oil PLC

nich da und dann passiert sowas....Panikverkaeufe, die nicht fundiert sind....siehe Artikel: http://www.iii.co.uk/investment/...L&display=discussion&it=le ENCORE OIL [Buy] 08:16 EO..L / 84.50p / £247.3m / TP: 211p Event: Drilling result EnCore announced an update on the Cladhan field yesterday afternoon. The news relates to a side-track that was drilled to evaluate the appraisal well previously announced on 12 April, which yielded positive results. In terms of our valuation, prospective resources at Cladhan contribute 9p of our price target and 20p overall including reserves. Therefore, stripping the entire Cladhan field from our valuation leaves 191p, whilst stripping out all prospective resources from our valuation leaves a core price of 157p. EnCore will now drill two more side-tracks from this well location - one to test the central channel to the south of the previous well, and then a second side-track location close to the current rig location. It is expected that these side-tracks will take approximately 25 to 30 days subject to weather or operational delays. It is important to note that the CPR confirmed 256mmbbl (P50) oil in place at the Cladhan field, and that side-tracks are drilled to gather data regarding its size and complexity. As such, further side-track drilling would have always been necessary, regardless of yesterday's result, to gain a greater understanding of oil distribution in the Cladhan field. Encouragingly, the absence of the oil water contact still indicates that the field could contain greater resources than previously estimated. However, it is difficult to fully estimate the resource potential of the field. We anticipate that the next side-track will establish the location of the oil water contact which will allow EnCore and its partners to fully appraise the resource in place on Cladhan. Valuation metrics: The following illustrates variations to our target price if reserves are stripped out of our valuation. Target price excluding prospective Cladhan resources from our valuation = 211p - 9p = 202p Target price excluding all of Cladhan = 211p - 20p = 191p Target price excluding all prospective resources = 211p - 54p = 157p Our core NAV is 157p, which is 88% above the current share price. This is still a 'hard target' despite recent volatility in the oil price; we use $90/barrel in our assumptions as well as $3/bbl NPV in respect of prospective reserves at Cladhan, which was originally conservative and we will remain unchanged. Overall, we feel yesterday's reaction to the announcement was premature; Cladhan has already been a successful play for EnCore with 89mmbls committed to reserves. Therefore, we continue with our Buy recommendation and price target of 211p, and await further news flow in respect of the field early next month.

Hi Meitue, also ich bleibe auf jeden Fall drin und warte auf den Verkauf. Nach dem Interview von Alan Booth gehe ich davon aus, dass Encore verkauft wird, da die Entwicklung einfach zu teuer waere fuer diese kleine Firma. Auf der anderen Seite wird natuerlich durch die Aktienausgabe von XEO ordentlich Geld in die Kassen gespuelt, so dass eine eigene Entwicklung der Felder vielleicht schoen moeglich waere. Es ist wirklich schwierig das einzuschaetzen. Auf der anderen Seite hat Encore ja ueberhaupt keine Erfahrung mit der Entwicklung von Feldern, so dass sie auf jeden Fall neues Personal einstellen muessen. Encore ist ja eine Explorationsfirma gewesen und keine Produktionsfirma. Von diesem Standpunkt aus gesehen, wuerde ich eher zu einem Verkauf tendieren. Aber ich werde Yvonne mal schreiben und fragen, ob sie vorhaben die Felder zu entwicklen und neue Leute einzustellen. Cash waere ja dann vorhanden. Gruss

Wie ist nun Deine Antwort?Bleibst Du drin?Wie schätzt Du die weitere Entwicklung ein?Wird der Laden in Bälde verkauft?

Ich hatte gefragt, ob wir als Shareholder nicht die dummen sind, bei einem Split der AG, da wir ja nun XEO wieder kaufen und bezahlen muessen für die Assets, die ja schon Encore besessen hat. Frohe Ostern allen! Thank you for your email. By assigning our exploration assets into XEO, it means that you, as an EnCore Oil shareholder, will be exposed to a high impact, fully funded exploration programme. The Board considered a number of scenarios to progress the exploration assets and they believe that this is the best way forward for the rationale stated in yesterday’s press release. While as an EnCore shareholder, you own the exploration assets now, EnCore has no money to fund any work on those exploration assets as Catcher and Cladhan take priority over our current cash. Therefore, that leaves a number of options: 1. EnCore could have let the exploration assets lapse and done nothing, then the assets are gone and no value has been created for the EnCore shareholder. 2. EnCore could have diluted your shareholding by an EnCore fundraising, but that would then dilute your shareholding of Catcher & Cladhan (our discoveries which make up a very significant proportion of EnCore’s value) to fund high-impact exploration and its associated risks. Exploration is risked, whereas Catcher and Cladhan are discovered and in the process of being appraised (ie. the associated risk is less). 3. EnCore could have farmed out the exploration assets in return for being partially or fully funded on the exploration wells but that would mean EnCore retains a smaller percentage of the assets, and it also places control and timing in the hands of third parties. 4. EnCore could assign the assets into XEO, XEO raises money to fund the exploration assets and EnCore retains a shareholding in XEO. That way, your shareholding of Catcher & Cladhan is not diluted to fund risked exploration, but you, as an EnCore shareholder still get some exposure to a fully funded exploration programme and its results through EnCore’s shareholding in XEO. By also making the offer open to qualifying EnCore shareholders, it means that EnCore shareholders can participate in the XEO fundraising directly at the institutional placing price should they want direct exposure to an active exploration drilling programme. Many placings are offered to institutions only, meaning private shareholders get diluted without the option of taking part. By way of an example of how XEO will place a value on EnCore’s exploration assets, it is worth looking back to the assignment of our onshore assets to Egdon Resources. Our onshore assets accounted for little value in EnCore. We assigned them to Egdon Resources in return for shares in Egdon Resources which at the time were worth around 12p per share I think (so EnCore had 39.2m Egdon shares and Egdon shares were valued at 12p per share). The share price of Egdon today is around 20p per share and EnCore still holds those 39.2m shares. That places a set value on our onshore assets of 39.2m x 20p. I hope that helps clarify the situation for you. Best regards, Yvonne