OIL and gas explorer EnCore Oil said yesterday it made net profits of £11.4million during the year to June 30, compared with losses of £1.5million a year earlier.
The latest result was boosted by the sale of a 15% stake in the UK North Sea Breagh gas discovery.
Chairwoman Christine Wheeler said: “The management team has been further strengthened, the onshore assets have been divested for a sizeable equity stake in a focused, growing onshore player, the offshore assets have delivered a significant oil discovery and the market capitalisation sits at around £161.8million.”
Last week, EnCore said the JW McLean drilling rig had arrived at the Cladhan prospect location in UK northern North Sea and operations had begun to better define the oil discovery made in December 2008.
The news came less than a month after it confirmed fields in the Catcher area in the central North Sea could contain a find of possibly up to 300million barrels of oil.
Aim-listed EnCore has oil and gas interests in the UK, Ireland and western Sahara.