Cancellation of XEO Exploration Flotation (1018H)
May 23 2011 - 8:00AM
UK Regulatory
TIDMEO.
RNS Number : 1018H
EnCore Oil PLC
23 May 2011
Press Release
For immediate release: 23 May 2011
EnCore Oil plc ("EnCore" or "the Company")
Cancellation of XEO Exploration Flotation
EnCore Oil (LSE: EO.) announces that, in light of current market
conditions, exacerbated by the uncertain investment climate created
following the recent tax changes, the Board has decided to cancel
the flotation of XEO Exploration and the related offer to EnCore
shareholders.
Commenting on the decision, EnCore Chief Executive Alan Booth
said:
"In the few weeks since the Treasury announced substantive
taxation changes, the market appetite for UK North Sea exploration
has diminished markedly. Against that background, we were
encouraged by the indicated institutional support we received for
XEO, but given that the whole strategy behind XEO was to pre-fund a
ten to twelve well three year exploration programme without the
continual need for fundraising, we felt that it was prudent to
withdraw the flotation."
For further information, please contact:
EnCore Oil plc www.encoreoil.co.uk
Alan Booth, Chief Executive Officer +44 (0)20 7224 4546
Eugene Whyms, Chief Financial Officer
Yvonne Fraser, Investor Relations Manager +44 (0)7957 241 408
Westhouse Securities Limited
Tim Feather +44 (0) 20 7601 6100
Matthew Johnson
Notes to Editors:
EnCore (LSE:EO.) is an oil and gas exploration and production
(E&P) company quoted on AIM.
EnCore has a balanced portfolio of offshore assets, based mainly
in the UK Continental Shelf (UKCS) and a significant equity holding
in AIM listed Egdon Resources plc (LSE: EDR).
EnCore has an experienced and proven management team, a number
of whom were responsible for the discovery of the Buzzard field in
the UK North Sea, which currently produces over 10 per cent. of the
UK's total oil production.
All EnCore's commercial and material technical evaluations are
undertaken in-house by the EnCore team. This brings both continuity
to the management and development of the assets and an ownership
that is vital to unearth the best and most creative new ideas and
opportunities.
www.encoreoil.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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