EnCore heralds successful year

ENCORE Oil, which was sold at a 55 per cent premium yesterday to Premier Oil, said its last trading year had been “successful and satisfying”.

During the year, EnCore completed two exploration wells in the Catcher oil discovery area, and expanded its presence in the North Sea.

EnCore posted a loss of £2.5m, compared to a profit of £11.4m in the prior year, which was largely due to sale of the Breagh gas asset. Without that sale, EnCore lost £11.5m in the year to June 2010.