North Sea spud for EnCore Oil

By Sarah Modlock | Thu, 17/11/2011 - 10:21

AIM-listed EnCore Oil () cheered investors on Thursday, as it announced the spudding of its Tudor Rose well 14/30a-5 in Central North Sea block 14/30a.

EnCore holds 40% of the licence as well as operating the well, which is being drilled using the Transocean Sedco 704 semi-submersible rig.

Work is expected to take approximately 20 days to complete subject to weather conditions and operational requirements.

The news will also be welcomed by shareholders in EnQuest (ENQ) and Nautical Petroleum (NPE), which each have a 20% stake in the project. The remaining 20% interest is held by Endeavour Energy.

The Tudor Rose oil accumulation was discovered in 1983 with well 14/30a-2, which encountered an 80-feet oil column within the Tertiary age Beauly Sands, but no representative oil samples were obtained.

The current well has the primary objective of establishing the gravity and viscosity of the oil within the Beauly sands, at an approximate depth of 3,200 feet TVDSS (True Vertical Depth Sub-Sea).

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