News in!
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.
Press Release
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 |
| Matthew Johnson |
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!
Daniel
Related Articles
- 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)
Great news dan,if you were a women i would ask you to marry me regards/
Hi Dan, Thanks again for all your updates and hard work on this 1, it has now come good in a big way and dreams are turning into reality. This has made a big turn round for me on a mean and moody monday, well done all who are in and thanks again Dan
regards Lee
Dan, it is great news indeed. I am a woman and will you marry me ???
All the very best,
Dan does it again !
Although i 100% agree if your not holding for north catcher i would note some caution, a very large profit could be moved/ compounded into xel and alot of the profit is priced in hence the small raise today in encore.
My trading old friend has noticed big pick up today.
Dan XEL is 15 days to TD from old xcite notes, my origional post commented on 20/21 days to the first well, so news sooner than you think.
Well done Gypsy Rose Dan !
You must have crystal balls.
SHEILA,IF DAN IS NOT AVAILERBLE IWILL LOL
Nice call dan, got into encore a few weeks ago after seeing the heads up on this blog.
A bit strange that the long awaited for rns release seems to have had a bit less impact on the share price than expected? Do you think the recent rises pre-rns had the good news outcome factored in?
I’m in at an average of 112p and holding for the forseeable future, so no complaints, as I see the HUGE potential in this one, just wanted to get your thoughts on how the remaining info from this particular drill (wireline logging, pressure measurements etc) will change things and when we can realistically expect to get this info in rns form?
Cheers again for the blog and here’s to another few months/years of rises at Encore.
Lob, nice name by the way, whats your problem?
Coming on here greetin like a big baby “dosent take rocket science”.
The blog is Danno’s opinion if you think you can do it any better then start your OWN BLOG!
WE come on here to get news,views and opinion from a blog that has made lots of us tens of thousands of dollars mate. i got eo at 65p and sold them at 129p got NPE @ 122 and sold them @267 got Char ’34 and sold them at 123 same as gkp @56 sold them at 121 bought BAlticoil at 24 sold them @28. Got JSG @17 just sold them today@23p. Making money is my game if you can tell us Mush when the next news from eo is then please do so, otherwise do one and stop behaving like a lickle kid!
And as for you Dan i always research what you post and never blindly invest no offence Dan.
This blog is by far and away the best source off genuine info on the net. Its track record is second to none. So Lob tell us all when you start ya blog i for one will log on to you Lob.
‘This blog is by far and away the best source off genuine info on the net. ‘
oh dear
not foretold by you by any means! didn’t take a rocket scientist to work out RNS’ed drill times with friday rise.
also was 2nd appraisal ST not a discovery well ,so was expected to hit the black stuff.
pretty much as the market and myself expected, hardly fresh future stuff that wasn’t out in the public domain. the only thing was in doubt with cladhan drill was oil water contact.
i fortell it to retrace a tad then move sideways until new catcher appraisals.
guru status not yet dan , you just do you’re research like most of us for the feeble minded….
p.s i doubt you will post this here!
great day again Dan, people should be grateful for the input you have given. not write negative posts here ,cannot understand why they go to your blog to have a go at you suppose they have nowt else to do with thier time, keep up the great work you have been doing l for one am most grateful and expect a lot of other people to. top sliced today and put into caza, and it is ticking up nicely so l am a happy chappie. thanks again
mary
its all about the timescales, Eo are ALWAYS accurate with timescales and rarely run over.
appraisal timescales are also clearer to define for the company and dan alike , they told you in the last RNS!
do your own research , cus dan has…and thats about the top and bottom of it !
if you think he has an inside line then you are are fool!
welcome to the CAZA club by the way
Yeah come on nob lob give us all the benefit of your great wisdom o not so great one. Is that your answer “Oh dear” ?
You’ve been fronted by investorguy to tell us the contents of the next rns and your reply is “o dear”
Move along the bus lob nothing here for you.
Look forward to reading your blog lob.not!
Now skuttle away and lick your wounds. Youve been shown up for the ejit you are.
Ivory John.
as fortold here yesterday price has retraced today and will continue to do so…..
this will create another buying opportunities around 100p -110p mark
then it will rise towards catcher block drill results 6-8 weeks away IMO.
the big money has gone here, unless you ride it all the way. further drill results will have to be as good as if not better than before to create a multibag from a buy in at these levels.
better stocks available currently IMO….like gold stocks and fertiliser products….very very hot sectors!!
dyor and good luck longs here
Dan do you believe worth holding Eo for next few months as the retrace concerns me regarding the potential targets of 1.50 to 2.00 suggested or is this day traders chasing the next ‘oily fish in the sea’?