Executive Summary
EnCore Oil plc (LON:EO) is an oil and gas exploration and production (E&P) company quoted on AIM. It holds a portfolio of interests in licences both on and offshore. This portfolio includes interests in the UK Continental Shelf (UKCS) offshore, several of which include operatorship; UK onshore in the Cleveland, Weald and Wessex basins; offshore Ireland; offshore in the Netherlands; and offshore in the Western Sahara. A number of the management team were responsible for the discovery of the Buzzard field in the UK North Sea. [1]
Published research includes:-
| source | date of publication | Title |
| Tristone Capital | 5/11/08 | Esmond - Gordon Gas Storage Not Viable |
Company History
The company was established in 2005. Key milestones in the company's history are as follows:
2005
- September: awarded first UK Production Licence
- December: acquired six blocks in the UKCS
2006
- February: announced reverse takeover of Oil Quest Resources. Successful well results announced for UK onshore wells, Westerdale and Kirkleatham.
- March: signed Laguera licence in the Western Sahara.
- April: approved as exploration operator by the Department of Trade and Industry.
- June / November: applied for two French onshore licences.
- October: signed co-operation agreement with Island Oil & Gas and acquired Virgo, Nido and Grove.
2007
- February: awarded seven licences in the licensing round.
- April: offshore gas storage feasibility study expanded to include decommissioned gas fields, Esmond and Gordon, and acquired interests in existing discoveries offshore Ireland and the Netherlands from Island Oil and Gas.
- July: appraisal well at Old Head of Kinsale successfully tested.
- August: encountered hydrocarbons at Schull gas well.
- November: successful testing of Breach discovery, with further exploration planned for 2008 / 09.
Current Events
2008
- January: awarded Nimes onshore exploration licence in France
- April: Barbarossa pilot well confirms presence of gas and lateral development drilling commences.
- May: two licences awarded in licensing round.
- September: Michael Lynch, non-executive chairman, stepped down citing personal reasons, and has been replaced by Christine Wheeler [2]
Business Model
At EnCore, it is not the Company's aim to build a full cycle E&P company. The principal strategy is to create shareholder value through the successful exploration and appraisal of prospects…
