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Broker snap: Extraordinary summer for EnCore
Wed, 08 Feb, 2012
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Broker snap: Extraordinary summer for EnCore
Tue, 31 Aug 2010, 12:17:00
The winning streak has continued at <b>EnCore Oil </b>with another major North Sea find, offering Westhouse Securities an opportunity to reiterate its 'buy' recommendation and revise its target price to 84p. EnCore Oil has announced an update on the Cladhan appraisal well, in which it has a 16.6% interest, located in the UK northern North Sea Blocks 210/29a and 210/30a. The drilling encountered a gross hydrocarbon column of 159ft, with 102ft of net hydrocarbon pay, with no oil water contact observed. Sampling indicates good correlation of both oil type and reservoir pressure with the original discovery well which, together with the sidetrack, would indicate a total hydrocarbon column in excess of 273ft, Westhouse observed. "This has been an extraordinary summer of drilling activity for EnCore. Having already made the Catcher discovery, today's announcement indicates that Cladhan is also a major North Sea find. With the drill stem test and second sidetrack to follow, as well as additional drilling expected later this year at Catcher, we anticipate further positive news flow from the company in the second half," the broker said.
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