Riesiges Ölfeld in der Nordsee entdeckt

"I would like to take this opportunity to make some general comments, not specific to our discoveries in the Catcher area, on the recent fiscal changes announced in the budget. The EnCore team have been directly involved in the discovery of a number of the UK's most important recent oil and gas fields, one of which now accounts for more than 10% of current UK oil production, and so we recognise the need to encourage the discovery and ultimately the production of the UK's indigenous resources.



“Whilst unexpected tax changes are never welcome, given the current state of the nation’s finances, one can at least rationalise the desire to raise revenues from fields that have already paid back their risked investments during a time of very high oil prices. However, failure to encourage the discovery of new fields as well as the development of newer, smaller and difficult fields on fair and predictable fiscal terms is in no one’s interest. Undeveloped and undiscovered oil and gas pays no taxes, creates and sustains no employment and a slowdown in UKCS activity will simply increase the UK’s reliance on imported oil and gas from less politically stable, if not as fiscally unpredictable, parts of the globe. I welcome the Government’s indication that it is prepared to discuss with the industry the enhancement and broadening of the recently introduced Field Allowances which I believe, if properly structured, could mitigate the effects of these changes and continue to incentivise those companies who wish to continue to invest in finding and developing the UK's offshore natural resources."

Back to the news. I did write about Premier being the front-runner here vis-a-vis Encore’s assets/takeover and now it would seem that some in the market are agreeing. It’s quite ridiculous really. You’ve got the company Ceo Booth actually telling the AGM that they are in the market for takeover and that EO probably wouldn’t be around for the next AGM. It should be no surprise to Investors when they finally announce a takeover, with Premier who are as stated previously on the Blog the Lead mover for the company! Of course no one knows how long it will take but make no mistake Encore have been talking to suitors other than Premier. The whispers circulating at the moment are that Booth wants 300p per share Premier see EO at 180p news from the city is that Premier may go to 210/15p but Encore will have to move downwards particularly since the new North sea tax has rather taken some of the shine away. It is known that the Board at Encore are considering a lowering of Booth’s 300p figure and that has come straight from a very reliable source. They are going to be swallowed up it’s just a matter of how much and when!

An edited version of this post will be released one hour after posting.

Viva!

Daniel

Bei einer Oelcolumn von 1200ft und keinem OWC, was fuer ein Ergebnis :-)
Bin ja mal gespannt, was heute passiert...hoffentlich kein selling on good news, wie bei Burgman ;-)

DJ EnCore Oil PLC Successful Cladhan Appraisal

TIDMEO.

RNS Number : 7204E

EnCore Oil PLC

12 April 2011

Press Release

For immediate release: 12 April 2011

EnCore Oil plc ('EnCore' or 'the Company')

Successful Cladhan Appraisal

EnCore Oil plc (LSE: EO.) is pleased to provide an update on the Cladhan appraisal well 210/30a-4 located in UK North Sea Block 210/30a.

The appraisal well was drilled as a deviated well to a Total Measured Depth of 12,252 feet and encountered oil bearing Upper Jurassic sandstones in two separate reservoir intervals. No Oil Water Contact was observed. The Upper reservoir sequence had a gross True Vertical Thickness (TVT) of 18 feet and a net sand of 13 feet TVT. The sand has an average porosity of 16 per cent. and hydrocarbon saturation of 82 per cent. Pressures suggest that this reservoir is in a separate pressure regime from the Lower reservoir. In the Lower reservoir sequence, the main reservoir in previous Cladhan wells, the well encountered a gross TVT of 256 feet and a net sand of 21 feet TVT. The sand has an average porosity of 16 per cent. and hydrocarbon saturation of 75 per cent. Initial pressure data indicates that the lower sand is in pressure communication with, and is part of the original Cladhan discovery. The well has proven an Oil Down To of 10,447 feet True Vertical Depth Sub Sea (TVDSS), giving a minimum hydrocarbon column of over 1,200 feet. Upon completion of operations at well 210/30a-4, the Transocean Prospect semi-submersible rig will commence the first planned side-track, 210/30a-4z to evaluate the Upper Jurassic sandstones significantly down dip from the 210/30a-4 well in an attempt to define oil water contacts for both the upper and lower reservoir units, as well as investigating the potential for thickening of the upper unit. It is expected that this side-track will take approximately 20 - 25 days subject to weather or operational delays. Commenting on the latest well result, Graham Dore, EnCore's Exploration Director said: "This is an important result for Cladhan. The well has confirmed both the presence of a large oil column in the main Cladhan reservoir as well as a new hydrocarbon bearing reservoir sequence, and has yet to find an Oil Water Contact. The next side-track to the east will evaluate the fan structure some 1,000 feet deeper, and has the potential to encounter improved net to gross as well as establishing Oil Water Contacts for both reservoir sequences. This will be followed by a side-track to the south which is designed to confirm the presence of oil in the Central channel".

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.).

Graham Dore B.Sc. (Hons.) in Geology and M.Sc. in Petroleum Geology and EnCore's Exploration Director, who has over 25 years' 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
Matthew Johnson

Notes to Editors:

Cladhan is located 225 miles north east of Aberdeen.

These forward-looking statements involve numerous assumptions made by Sterling based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other-forward looking statements will prove inaccurate, certain of which are beyond Sterling's control, including: the impact of general economic conditions in the areas in which Sterling operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations. Readers should also carefully consider the matters discussed under the heading "Risk Factors" in the Company's Annual Information Form.

Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Sterling's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. These statements speak only as of the date of the press release. Sterling does not intend and does not assume any obligation to update these forward-looking statements except as required by law.

Financial outlook information contained in this press release about prospective results of operations, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this press release should not be used for purpose other than for which it is disclosed herein.

Mr Azancot said the recent £10billion North Sea tax grab by Chancellor George Osborne was not welcome, though it would not affect Sterling in the short term.

He added: "We have more than £200million of expenditure to offset against tax, so the tax change will not affect us like it will some firms.

"I doubt if the tax increase will affect our development plans for Cladhan, but it will affect the economics of the field."

Sterling is the operator of Cladhan with 39.9%. The other partners are: EnCore Oil (16.6%), Wintershall UK North Sea (33.5%) and Dyas UK (10%).

Andrew Reid, Aberdeenbased managing director of energy consultant Douglas-Westwood, said yesterday's Cladhan announcement was another piece of positive news for the UK continental shelf.

He added: "On the back of a number of recent exploration successes from a number of operators in recent months, the news that the appraisal well on the Cladhan field continues to find oil-bearing columns is encouraging.

"While there is limited information available at this point, preliminary analysis suggest a potential discovery of at least 100-200million barrels.

"As the exploration programme continues more certainty will be available, although indications are that the discovery may be larger."


Autorenangabe: IAN FORSYTH

This could prompt a bidder to move for EnCore, which made a bumper find with the Catcher well in the Central North Sea.

Analysts at Royal Bank of Canada told clients: "Although we view EnCore as the most credible takeover target within our North Sea peer group, we believe a bid for the company is unlikely to occur before conclusion of the Cladhan appraisal campaign and possibly more drilling in the Catcher area during H2/11."

Shares in EnCore closed down 4%, or 4.5p, at 116.75p. They traded at 17p before the Catcher find was made in June last year.

EnCore Oil owns 16.6% of the Cladhan licence. Sterling Resources has 39.9% and operates the licence, Wintershall has 33.5%, Dyas has 10%.


Autorenangabe: MARK WILLIAMSON

Vivien Murray Gibney (formerly Gaymer,
Full name nee Gall)
Age 65
Current Directorships Opera North
& Partnerships The University of Northampton
Oundle Music Trust
Beneficial shareholding 219,000 ordinary shares of 5 pence
in EnCore each

Mrs. Gibney confirms there is no further information to be disclosed in accordance with Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies.

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 241408

Westhouse Securities Limited
Tim Feather +44 (0) 20 7601 6100
Matthew Johnson

Notes to Editors:

In addition to their indirect interest in XEO through EnCore's remaining holding, the Company plans to offer qualifying EnCore shareholders the opportunity to subscribe for shares in XEO directly at the institutional placing price. The offer to EnCore shareholders will be made around the time of XEO's admission to AIM and close shortly following admission.

EnCore assets to be transferred to XEO

--------------------------------------------------
Licence Block Prospect XEO Equity* Operator Partners
-------- --------------- ------------ ------------ --------- ------------
P.1769 14/29e, 20/4c, Hoylake 50% XEO* Endeavour
20/5f
-------- --------------- ------------ ------------ --------- ------------
P.1463 14/30a Tudor Rose, 40% XEO* Nautical,
Buffalo Endeavour,
EnQuest
-------- --------------- ------------ ------------ --------- ------------
P.1655 15/21g Spaniards 40% XEO* Nautical,
Serica
-------- --------------- ------------ ------------ --------- ------------
P.1475 113/29c & Merrow 50% Nautical XEO*
113/30
-------- --------------- ------------ ------------ --------- ------------

*subject to partner and regulatory approval

XEO will also have the option to acquire the following interests currently held by EnCore and Echo Exploration Ltd.

XEO will have the option to acquire the following licence

from EnCore

--------------------------------------------------
Licence Block XEO Equity* Proposed Operator Partners
--------- ------------- ------------ ----------------------- ---------
28/5, 28/10a
P.1812 & 29/1d 100% XEO*
--------- ------------- ------------ ----------------------- ---------
XEO will have the option to acquire the following licence
interests from Echo Exploration Ltd
--------------------------------------------------
Licence Block XEO Equity* Proposed Administrator Partners
--------- ------------- ------------ ----------------------- ---------
P.1866 13/28b 50% Echo XEO*
--------- ------------- ------------ ----------------------- ---------
P.1870 15/21d 50% Echo XEO*
--------- ------------- ------------ ----------------------- ---------
P.1

EnCore is among a large number of cohorts in the North Sea looking to do a similar thing but what is notable about Booth is his focus on why they are doing it - everything comes down to shareholder value. With EnCore now enjoying the momentum that can only come with stakes in two highly prospective projects, it now wants to repeat its success with a new exploration company scheduled to float before the summer. EnCore will split off its exploration portfolio into a new AIM quoted company called XEO Exploration. It will take with it assets including interests in Hoylake, Tudor Rose, Buffalo, Spaniards and Merrow licences and leave behind EnCore’s two main development priorities at Catcher and Cladhan. The move sets the scene for Booth and his team to raise funding for an all-new exploration programme and leave EnCore to channel its resources into finishing off the development of Catcher and Cladhan.

Booth, together with CFO Eugene Whyms and exploration director Graham Doré, have got form for discovering oil fields in the North Sea. Back in 2001 they were behind the discovery and development of the Buzzard field while at EnCana UK, a company that went on to be sold to Nexen Petroleum for £2.1bn. With an estimated 700 million barrels of recoverable reserves, Buzzard was the largest North Sea field discovered for 25 years.

For those new to the EnCore story, Booth and his team brought the company to AIM in March 2006 with a plan to continue looking for fields that had been overlooked by larger North Sea players. Since then, it has been involved in numerous exploration and appraisal projects around the UK Continental Shelf. In June 2009 it pocketed £42 million from the sale of its 15% stake in the large pre-development Breagh gas discovery project to RWE Dea. Nine months later it sold its stake in the developed Ceres gas field and its onshore assets to AIM compatriot Egdon Resources (LON:EDR) in return for a 30% stake in the UK and Western Europe onshore focused oil and gas exploration company.

However, it wasn’t until a series of wells last summer that momentum really began to build at EnCore – and triggered a 100p rise in its share price in just short of a year. Having previously made a light oil discovery with its first well on the Cladhan prospect in November 2008 EnCore returned to exploration and appraisal drilling in May 2010. First came Catcher, a Central North Sea prospect 15% held and operated by EnCore, with partners including Premier Oil (LON:PMO) , Wintershall, Nautical Petroleum (LON:NPE) and Agora Oil & Gas. The discovery was followed by subsequent drilling at surrounding prospects at Catcher East, Catcher North, Varadero and Burgman. So far, the company will only say that the prospects already drilled offer very significant oil-in-place volumes but with a lot more upside from the next phase of drilling. Two months after the Catcher discovery came better than expected appraisal wells at Cladhan, drilled by the licence operator Sterling Resources (TSXV: SLG). That led to an independent resource evaluation commissioned by Sterling that put total P50 oil-in-place volumes potentially in excess of 250m barrels. EnCore holds a 16.6% stake in the licence with the other partners in

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

nich da und dann passiert sowas....Panikverkaeufe, die nicht fundiert sind....siehe Artikel:

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.