EnCore Oil plc notes the announcement today by Sterling Resources Ltd (“Sterling”), operator of the Cladhan discovery on UK Northern North Sea Block 210/29a. Sterling has received an independent resource evaluation from RPS Energy on the gross contingent and prospective oil in place estimated to exist in the Cladhan discovery.
The resource estimate was compiled in accordance with the Canadian Oil and Gas Evaluation Handbook standards, as required by Canadian National Instrument 51-101 standards.
The estimated range of both contingent and prospective resources of oil in place (STOIIP) at P90, P50 and P10 estimates are as follows:
|Contingent resources (mm bbls)||43||89||155|
|Prospective resources (mm bbls)||76||167||311|
Commenting on the new STOIIP estimates, Alan Booth, EnCore’s Chief Executive Officer, said:
“This is an excellent outcome from the recent drilling campaign. Even though we have yet to establish an oil water contact, these figures suggest a P50 STOIIP potentially in excess of 250mm bbls. Significant upside still remains on the block as can be seen from Sterling’s P10 figures.
“The site survey for the next appraisal drilling location at Cladhan is underway and, dependent upon receiving the necessary regulatory approvals from the UK government and sourcing a suitable rig, we hope to return to further appraisal drilling at Cladhan in Q1 next year.”
Peter Williams B.Sc. (Hons.) in Physics and EnCore’s Group Technical Manager, who has over 35 years’ engineering experience in the oil exploration and production industry, has reviewed and approved the technical information contained in this announcement.
Source:EnCore, October 19, 2010;