EnCore to appraise Cobra gas find in early 2008

Uchenna Izundu
International Editor

LONDON, Dec. 18 -- Operator EnCore Oil PLC will drill an appraisal well using the Ensco 80 rig on the Cobra discovery in the UK North Sea in first-quarter 2008.

Cobra, on Block 48/2c, tested gas at a flow rate of 2.7 MMcfd in 1984 when Amoco initially drilled it.

The company will team with Challenger Minerals (North Sea) Ltd. in a farmin agreement under which Challenger will receive a 5% share from EnCore in southern North Sea Blocks 48/1b and 48/2c where Cobra is located.

Under terms of the farmout agreement, together with the previously announced farmout agreement with Tata Petrodyne and Bharat Petroleum, EnCore will pay for 3% of the appraisal well cost (subject to an overall well cost cap) and will retain a 20% interest in the license, EnCore said. EnCore also will remain the license operator.

Alan Booth, chief executive officer of EnCore, said Cobra would represent its first operated well. "Cobra lies close to existing infrastructure and offers a relatively low risk appraisal project some 300 ft updip from the existing discovery well, with significant upside potential."

Contact Uchenna Izundu at uchennai@pennwell.com.

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