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Nido has received almost 8.99 million EnCore shares, representing 3.31% of EnCore’s enlarged share capital. EnCore shares are currently trading at 22.75p, according to Nido managing director David Whitby.
“The completion of this transaction confirms Nido’s focus on building its South-East Asian asset base, while converting its UK assets into a material shareholding in a strong exploration company with a near-term, multi-well drilling program,” Whitby said.
Another Perth-based junior, NorWest Energy, remains a partner in these two blocks and is currently negotiating to farm-out some of its 50% equity to India’s Bharat Petroleum. EnCore now holds the remaining equity and operates these blocks.
EnCore Oil has now completed the acquisition of four oil and gas companies: privately held Virgo Oil & Gas and Virgo Energy; Nido Petroleum (UK), Nido’s UK subsidiary of Nido Petroleum; and Grove Energy (UK), a UK subsidiary of Toronto and AIM-listed Grove Energy.
