Sale of EnCore SNS Ltd (Breagh Gas Discovery)

摘要

EnCore Oil plc announces that the Company has signed Sale and Purchase Agreements with RWE Dea UK SNS Limited ("RWE Dea") for the sale of its 15 per cent. interest in the Breagh gas discovery on Block 42/13 and surrounding acreage in the UK Southern North Sea. RWE Dea will pay total cash consideration to EnCore of US$68.8 million, with the deal expected to complete in approximately 4 to 6 weeks. There is not expected to be any tax payable by EnCore on the sale. All Breagh co- venturers have sold their interests to the same buyer, other than Sterling Resources which has elected to retain a 30 per cent. non-operated interest from its original 45 per cent. share. EnCore and its co-venturers were advised on the transaction by Standard Chartered.