LONDON (ShareCast) - EnCore Oil (Berlin: OIR.BE - news) and its fellow owners of the Breagh well are in negotiations to sell a 70%
stake in the North Sea gas discovery.
EnCore said it intends to sell all of its 15% stake in the Breagh well and adjacent licences.
"Our strategy is to find and appraise oil and gas fields to the natural point in their life cycle that give us the best return for the amount of capital invested. Many of our projects are now at that point in their life cycle, although some have arrived at that point sooner than we might have hoped because of the equity and credit crunch. We are now looking to sell some of these assets," said Alan Booth, EnCore's chief executive officer.
"We are also seeking to create tangible value from our Irish discoveries, now that the ownership of Kinsale has been settled," Booth added.
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