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EnCore farms out interest in North Sea blocks

19 September 2008

EnCore Oil has agreed a farm-out deal that will see Dyas UK Ltd acquire a 10% interest in northern North Sea blocks 210/29a and 210/30a from EnCore. EnCore will retain a 16.6 per cent. interest in the licence.

It is expected that a well will be drilled next month on block 210/29a on the 'Bowstring East' prospect using the Sedco 704 semi-submersible. Under the terms of the farm-out agreement, Dyas will contribute to the cost of the well on a promote basis

Alan Booth, EnCore’s chief executive, said the company was continuing to focus on exposing its shareholders to a number of potentially significant value adding opportunities.

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