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Posts: 12,284
[EO.] long felt that the onshore asset portfolio failed to generate significant interest amongst many of shareholders, principally on the grounds of materiality. The belief is that by combining these assets with those of Egdon, this would expose our shareholders to more easily recognisable value in a more material portfolio of similar onshore assets. Egdon, as a committed and well established onshore player would be better placed to develop and add significant value to the enlarged asset base. Board firm belief of the view that it is possible to build a meaningful onshore E&P business, however this will need both scale and management focus. It is our view that this transaction would enable Egdon to accelerate its transition into a significant onshore E&P player
Posts: 200
I can see their reasons behind the assets for equity swap. Let Egdon get on with what they do best and profit from their development, and let EO. get on with evaluating potential assets that are owned by companies under financial difficulty. This is the time for EO. management to prove what they are made of. They are sitting on a chunk of cash which in this environment opens alot of doors.
Posts: 12,284
[EO.] Catcher results look very promising.. http://www.londonstockexchange.com/exchange/prices-and-news/news/market-news/market-news-detail.html?announcementId=10518730
Posts: 12,284
[EO.] Catcher results did look promising and now.. http://www.londonstockexchange.com/exchange/prices-and-news/news/market-news/market-news-detail.html?announcementId=10549152
Posts: 12,284
[EO.]Successful Cladhan Appraisal Well This is a superb result from Cladhan and is at the upper end of [EO.]'s expectations regarding the quality and quantity of reservoir sands. This result supports the idea that Cladhan is a significant stratigraphic trap which has still not encountered an oil water contact. [EO.] looks forward to the results of the testing and the second side-track in order to help [EO.] determine the oil water contact and thus the extent of Cladhan. Only once this information is to hand will [EO.] be able to determine the relevant development options of Cladhan and provide an informed estimate of the potential size of the field. "Aside from this exceptional result at Cladhan, [EO.] are hopeful of returning to Catcher this autumn, dependent on the signing of a suitable rig contract which is nearing agreement, but not yet confirmed. The group will target between two and four further locations on the Catcher block which, as with Cladhan, will help determine the size of the overall discovery and future development options. This is a really exciting time for [EO.] and look forward to the results over the coming months." 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.).
Posts: 12,284
[EO.].Commenting on the rig contract news released today, Alan Booth, EnCore's Chief Executive Officer said: "We are delighted that the rig contract has been signed and we have a firm timeframe for further drilling in the Catcher area. The team has done a significant amount of work to enable further exploration and appraisal of the block in such a short timeframe. We remain excited about the upside potential of the Catcher area which we hope will be better understood in the coming weeks and months." The equity in the Catcher / Block 28/9 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.)
Posts: 12,284
[EO.} Announces that the Catcher North appraisal well 28/9-3 located in UK Central North Sea block 28/9 was drilled to a Total Depth of 5,265 feet Measured Depth (M.D.) having successfully encountered hydrocarbons in both the Tay and Cromarty Sandstone intervals. Pressure data suggests that Catcher North is part of the Catcher and Catcher East accumulation. The well, which encountered 20 feet of net gas bearing pay within the Eocene Tay interval, and 14 feet of net oil bearing pay within the Paleocene Cromarty section, has extended the gross total hydrocarbon column in the Catcher area to 410 feet (comprising a gas column of 75 feet and an oil column of 335 feet). The Tay and Cromarty reservoir sections were cored and high porosity sandstones were recovered from both reservoirs. The estimated Gas-Oil Contact (GOC) at 4,350 feet true vertical depth is consistent with the data from the Catcher and Catcher East wells, and the estimated Oil-Water Contact (OWC) within the Cromarty section is also consistent with that observed in the Catcher discovery well and the Catcher South West side-track. As this stock no longer a "penny stock" There is nothing more that I can do as it is now being well reported by the wider larger market GL
Posts: 12,284
[EO.] The Board of EnCore Oil plc ("EnCore") and the Board of Premier Oil plc ("Premier") are pleased to announce that they have reached agreement on the terms of a recommended acquisition by Premier (or one of its wholly owned subsidiaries) of the entire issued and to be issued share capital of EnCore. Highlights · Recommended acquisition at 70 pence per EnCore Share in cash. EnCore Shareholders can also elect to receive 0.2067 New Premier Shares for each EnCore Share held instead of part or all of the cash consideration. · The Acquisition values EnCore's entire issued and to be issued share capital at approximately £221 million (approximately US$340 million). · The Acquisition Price represents a premium of approximately 55 per cent. to the Closing Price of 45.25 pence for each EnCore Share on 4 October 2011, the last Business Day prior to the issue of this announcement. · The Acquisition is in line with Premier's strategy of acquiring high quality assets in existing core areas using its strong balance sheet
Posts: 12,284
[EO.] Another share that has been nursed into the arms of a suitor. A done deal that has rewarded fellow followers of this previous out of favour stock. Proceeds can now be invested in the next undervalued plays out there that will rise from the recent worldwide financial turmoil fallout. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11038849