SmallCapNews | EnCore agrees farm out deal with Revus over North Sea blocks

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EnCore agrees farm out deal with Revus over North Sea blocks

29 September 2008

EnCore Oil has agreed a farm-out deal with Revus Energy (UK North Sea) Ltd that will see Revus acquire a 20% interest in central North Sea blocks 28/9 and 28/10c.

Under the terms of the deal, Revus will contribute to the costs of drilling the ’Catcher’ exploration well on a promote basis with drilling likely in early 2009. EnCore will retain a 15% interest in the licence.

As a result of this farm-out and EnCore’s original agreement with Oilexco, the current licence operator, it is expected that the well will be drilled at no cost to EnCore.

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