EnCore eyes value creation ahead of Esmond gas storage drilling
16 September 2008
EnCore Oil posted wider losses in the full year to June 30, 2008, but said that it was focused on delivering on its principal strategy of value creation.
Chairman Michael Lynch, noted: “2008 has seen us focus our attention on the delivery of our strategy, the key elements of which are to maximise the potential of our assets and to monetise them at the appropriate time to create the greatest shareholder value.”
Most notably, the year saw a feasibility study confirm the technical and potential economic viability for 145 billion cubic feet of gas storage at EnCore’s licenses over Esmond and Gordon in the UK North Sea.
Drilling operations are set to start on Esmond in September 2008. The company said that assuming that results from the drilling come within the expected range of outcomes then it is likely that it will seek to sell its 100% subsidiary, EnCore Gas Storage Ltd.
Pre-tax losses came in at £2.4 million against £1.7 million last year.
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