UPDATE 1-EnCore sees Cladhan well producing over 15,000 bopd

* To drill side-track well to define oil-water contact

* Says Catcher operations may begin in Sept or Oct

* Shares rise as much as 7.6 percent
(Adds details)

Sept 13 (BestGrowthStock) – Britain’s EnCore Oil Plc (EO.L: ) said on
Monday that its Cladhan well in the UK North Sea had a
potential of producing more than 15,000 barrels of oil per day
(bopd), sending its shares up more than 4 percent.

The oil and gas explorer said the well flowed at about
5,903 bopd. The testing also confirmed light oil with a gravity
of about 34 degrees API.

The company said it would plug the well once testing is
complete and side track it to establish the depth of oil-water
contact.

Sterling Resources (SLG.V: ), the operator of the Cladhan
licence, owns a 39.9 percent stake in it, while Wintershall
holds 33.5 percent, EnCore 17 percent and Dyas the remaining
stake.

In August, EnCore had said that the results from the
Cladhan well were at the upper end of its expectations.

This followed the biggest find in the North Sea since 2001
when the 300 million-barrel Catcher field was identified in
June. [ID:nLDE65R0DE] [ID:nSGE679096]

The company said it expected to return to drilling at
Catcher in late September or early October for a programme of
two to four wells.

EnCore’s shares, which have more than tripled in value
since the oil discovery at Catcher in June, were up 2 percent
at 94.5 pence at 0834 GMT on Monday on the London Stock
Exchange. They touched a high of 99.5 pence earlier in the
session.
(Reporting by Juhi Arora in Bangalore; Editing by Tresa Sherin
Morera)

UPDATE 1-EnCore sees Cladhan well producing over 15,000 bopd