EnCore plans drilling spin-off

Oil and gas explorer EnCore Oil said yesterday it was considering floating a new company containing its exploration assets to raise money for a drilling programme. EnCore said it would have a significant stake in the new company, which would be listed on AIM and expects to retain operatorship control. “I believe that this would re-position EnCore primarily as an asset development company with significant exposure to exploration upside,” said chief executive Alan Booth. The firm also posted a six-month pre-tax loss of £3.8m, compared with a profit of £15.5m a year ago.