EnCore Oil plc has signed an agreement with Century Exploration (UK) Limited to increase its equity in UKCS Block 9/27a from 10 per cent. to 87.5 per cent. In addition to increasing the equity held in the block, EnCore will be assuming block operatorship. The other co-venturer on the licence is Granby Oil & Gas plc.

EnCore’s interest is subject to a revised overriding royalty of 1.2 per cent. (previously 2.75 per cent.) of its share of revenues.

This agreement is subject to the usual regulatory approvals.

Alan Booth, Chief Executive Officer, commented, “EnCore’s regional work in this area suggested that there may be overlooked potential in the block. It is particularly pleasing to see the recent success announced by Fairfield Energy in adjacent block 9/28. We believe that any redevelopment of the Crawford field will significantly reduce the threshold for commercial developments in block 9/27a.”

Tags: EnCore Oil plc