EnCore to spin off exploration

BRITISH oil and gas explorer EnCore Oil has said it is spinning off its exploration assets into a new company as it focuses on its key projects in the UK North Sea.

The new company, XEO Exploration, will be listed on the Alternative Investment Market (AIM)towards the end of May.

EnCore’s exact percentage shareholding in XEO would depend upon the amount of funds raised by XEO, the company said.

EnCore finance chief Eugene Whyms will become the chief executive of XEO.