EnCore set to focus on development

EnCore Oil aims to create a new company known as XEO to manage its UK North Sea exploration interests.

Offshore staff

LONDON -- EnCore Oil aims to create a new company known as XEO to manage its UK North Sea exploration interests.

These include operated stakes in the Hoylake, Tudor Rose, Buffalo and Spaniards prospects, and 50% of the Nautical-operated Merrow prospect.

XEO also will have the option to acquire interests in six UK blocks held by EnCore and Echo Exploration, and various UK 26th Round licences, which are yet to be awarded pending an environmental review.

EnCore wants to focus on its two main assets, the Catcher and Cladhan discoveries, which are in the latter stages of appraisal and should soon move into the development stage.

On completion of an institutional shares placement, Eugene Whyms, EnCore’s CFO, will become CEO of XEO. EnCore's Business Development manager, Peter Schwarz, will be COO, with John Mapplebeck serving as non executive chairman.

04/18/2011

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