22 January 2009 - Breagh Well Test Result
Press Release
For immediate release: 22 January 2009
EnCore Oil plc (‘EnCore’ or ‘the Company’)
Breagh Well Test Result
EnCore Oil plc (LSE: EO.) is pleased to announce the successful testing of the Breagh horizontal well 42/13-5z on Block 42/13 in the Southern North Sea.
The well tested dry gas at a maximum rate of 26 million standard cubic feet per day through an 80/64 inch choke at a flowing wellhead pressure of circa 890psi. The well was then shut in for an initial pressure build up survey after which the well was flowed for a further 59 hours at various rates to evaluate reservoir performance fully. The well will now be suspended to allow future re-entry as a production well.
EnCore has a 15 per cent. interest in the licence and the operator, Sterling Resources Limited, has a 45 per cent. interest.
Alan Booth, EnCore's Chief Executive Officer, commented:
“We are especially pleased both with the results of the 42/13-5z well and the overall Breagh appraisal programme. This well, in particular, has added significantly to our understanding of the continuity and characteristics of the Breagh reservoir. These encouraging results give the group momentum to move the Breagh field on to the next phase of its development”.
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:
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EnCore Oil plc
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Alan Booth, Chief Executive Officer
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+44 (0)20 7224 4546
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Eugene Whyms, Chief Financial Officer
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Aquila Financial Limited
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Peter Reilly
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+44 (0) 118 979 4100
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Hanson Westhouse Limited
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Tim Feather
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+44 (0)113 246 2610
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Matthew Johnson
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KBC Peel Hunt
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Jonathan Marren
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+44 (0)20 7418 8900
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Notes to Editors:
EnCore Oil plc (LSE:EO.) is an oil and gas exploration and production (E&P) company quoted on AIM.
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 and discoveries. The Company will seek to monetise or exchange the asset at the appropriate point in its life cycle and return value directly to shareholders wherever possible.
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.
EnCore currently holds a balanced portfolio of interests in licences both on and offshore, primarily focused on the UKCS. This portfolio includes an active drilling programme.
www.encoreoil.co.uk
Thursday, January 22, 2009
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