Contents
Licence Portfolio and Operational Map  IFC
Overview 01
The EnCore Strategy  02
Highlights of 2009 02
Chairman’ s Review  04
Chief Executive’ s Review 06
Operational Review  08
Board of Directors  10
The EnCore T eam  11
Financial Review  12
Corporate Governance Statement  14
Directors’ Report  16
Remuneration Report  17
Statement of Directors’ Responsibilities  19
Independent Auditors’ Report  20
Consolidated Income Statement  21
Consolidated Balance Sheet  22
Consolidated Cash Flow Statement 23
Consolidated Statement of Changes in Equity  24
Group Accounting Policies  25
Notes to the Group Financial Statements  25
Company Balance Sheet  40
Company Accounting Policies  41
Notes to the Company Financial Statements  41
Notice of AGM  47
Glossary  51
Directors, Officers and Advisers  52
EnCore Oil plc
62–64 Baker Street 
London  W1 U 7DF
United Kingdom
T elephone  
+44 (0)20 7224 4546
Fax  
+44 (0)20 7935 1224
Email  
info@encoreoil.co.uk
Registered No.  
3328217
www.encoreoil.co.uk
09
EnCore Oil plc
Report and Accounts 2009
EnCore Oil plc  Report and Accounts 2009 Contents
Licence Portfolio and Operational Map  IFC
Overview 01
The EnCore Strategy  02
Highlights of 2009 02
Chairman’ s Review  04
Chief Executive’ s Review 06
Operational Review  08
Board of Directors  10
The EnCore T eam  11
Financial Review  12
Corporate Governance Statement  14
Directors’ Report  16
Remuneration Report  17
Statement of Directors’ Responsibilities  19
Independent Auditors’ Report  20
Consolidated Income Statement  21
Consolidated Balance Sheet  22
Consolidated Cash Flow Statement 23
Consolidated Statement of Changes in Equity  24
Group Accounting Policies  25
Notes to the Group Financial Statements  25
Company Balance Sheet  40
Company Accounting Policies  41
Notes to the Company Financial Statements  41
Notice of AGM  47
Glossary  51
Directors, Officers and Advisers  52 EnCore Oil plc Annual Report 2009
Licence Portfolio  
and Operational Map
Northern North Sea
Central North Sea
Cleveland Basin
East Irish Sea
Southern North Sea
Celtic Sea
Weald & Wessex Basin
EnCore holds interests in 33 licences 
– 11 onshore and 22 offshore.
UK Continental Shelf
EnCore has a portfolio of interests in 19 hydrocarbon licences on the UK  
continental shelf.
     EnCore 
Licence Block T ype Equity Operator Location
P .1064 210/29a & 210/30a T 16.6% Sterling Resources Northern North Sea
P .1284 9/27a T 62.5% Fairfield Energy Northern North Sea
P .1687 9/27c P 100.0% EnCore Northern North Sea
P .1352 18/5a & 19/1a T 100.0% EnCore Central North Sea
P .1395 12/16b & 12/17a T 75.0% EnCore Central North Sea
P .1430 28/9 & 28/10c T 15.0% EnCore Central North Sea
P .1463 14/30a T 40.0% EnCore Central North Sea
P .1689 14/29d & 14/30c  P 100.0% EnCore Central North Sea
P .1655 15/21g  T 40.0% EnCore Central North Sea
P .1230 42/13a T 15.0%** Sterling Resources Southern North Sea
P .1241 47/9c T 10.0%* Venture Production  Southern North Sea
P .1243 48/1b & 48/2c T 25.0% EnCore Southern North Sea
P .1327 42/8, 42/9 & 42/14 T 15.0%** Sterling Resources Southern North Sea
P .1328 42/12a T 15.0%** Sterling Resources Southern North Sea
P .1335 43/13a T 100.0% EnCore Southern North Sea
P .1337 (lower) 43/15a & 43/20a T 70.0% Wintershall  Southern North Sea
P .1337 (upper) 43/15a & 43/20a T 100.0% EnCore Southern North Sea
P .1674 48/1d  T 25.0% EnCore Southern North Sea
P .1475 113/29c & 113/30 T 50.0% Nautical East Irish Sea
 
* Half of EnCore’ s equity is subject to buyback
** Sold post year end – awaiting completion of sale
T Traditional
P Promote
UK Continental Shelf, UK Onshore and Ireland SADR
Paris Basin
Rhône Graben
UK Onshore
EnCore has a portfolio of 9 UK hydrocarbon licences in four basins.
     EnCore 
Licence Area T ype Equity Operator Location
PEDL068 Cleveland Basin T 20.0% Egdon Resources  Cleveland Basin
PEDL125 Weald Basin T 10.0% Northern  Weald Basin
PEDL126 Weald Basin T 10.0% Northern  Weald Basin
PEDL154 Weald Basin T 10.0% Northern  Weald Basin
PEDL155 Weald Basin T 10.0% Northern  Weald Basin
PEDL098 Wessex Basin T 7.5% Northern  Wessex Basin
PEDL240 SZ38 South T 7.5% Northern  Wessex Basin
PEDL253 TF18 Biscathorpe T 60.0% EnCore  Humber Basin
PEDL256 Weald Basin T 7.5% Northern  Weald Basin
Ireland
EnCore holds two licences offshore Ireland.
     EnCore 
Licence Block T ype Equity Operator Location
PEL 4/05 49/17 (part) 49/22 (part)  T 15.0% Island Oil & Gas Celtic Sea 
 & 49/23 (part) 
PEL 5/05 57/2 & part blocks 57/1,  T 12.5% Island Oil & Gas Celtic Sea 
 48/26 & 48/27
France
EnCore holds two licences onshore France.
     EnCore 
Licence Block T ype Equity Operator Location
Mairy Paris Basin T 30.0% Lundin  France
Nîmes Rhône Graben Basin T 100.0% EnCore  France
Western Sahara
EnCore holds a production sharing contract and assurance agreement for one block 
offshore Western Sahara.
     EnCore 
Licence Block T ype Equity Operator Location
PSC Laguera PSC 100.0% EnCore  Western Sahara
T  Traditional
PSC  Production Sharing Contract
France and the Western Sahara EnCore Oil plc Annual Report 2009 01
EnCore Oil plc is an oil and gas 
exploration and production 
(
E&P
)
 
company quoted on the Alternative 
Investment Market 
(
AIM
)
 in London. 
It is not our aim to build a full cycle 
E&P company. Our principal strategy 
is to create shareholder value through 
successful exploration and appraisal  
of prospects and discoveries. Since  
our inception in 2005, we have drilled  
12 wells, 11 of which have discovered  
oil or gas in varying quantities, and  
one of which was dry. 
We believe the point with greatest relative value creation 
for shareholders is after the successful appraisal stage  
but prior to field development, through the monetising  
or exchanging of assets. We have managed our portfolio  
so as to minimise our capital and risk exposure. We seek 
to be carried or pay minimal costs for exploration and 
appraisal drilling and farm out equity in order to do this. 
Our opportunistic approach has enabled us to acquire a 
balanced portfolio of offshore and onshore assets, based 
mainly in the UK continental shelf (UKCS). 
www.encoreoil.co.uk Drilled a successful well on UK North  
Sea block 47/9c Ceres which tested gas  
at a maximum rate of 40 mmscfd. Field 
Development Plan approval was received 
in September 2008 and the field is being 
developed as a single well sub-sea tie back
Contracted the sale of 15 per cent. equity 
in Breagh gas discovery to RWE Dea for  
a consideration of US$68.8 million, due  
to complete in September 2009
Drilled a successful exploration well on 
Block 210/29a Cladhan resulting in a light 
oil discovery. The well has intersected a 
light oil column of over 110 feet within an 
Upper Jurassic stratigraphic trap. Given 
its stratigraphic nature, there is potential 
for the hydrocarbon column to increase 
both up dip and down dip of the current 
location
Drilled three successful appraisal wells  
on UK North Sea block 42/13 Breagh 
proving up what could be one of the 
largest gas discoveries in the UK North 
Sea in the last ten years
Portfolio activity including two disposals 
(one signed post year end), two farm outs, 
award of four new offshore UK licences, 
one field development plan approval and 
the reassignment of an additional 50 per 
cent. of the Esmond and Gordon fields 
back to the Company
Operational Highlights  
2009
Strategy
Our strategy is designed to create 
shareholder value principally through the 
successful exploration and appraisal of 
prospects and discoveries. Key elements 
of this strategy are:
Focus on Areas of Proven Expertise
 
We focus mainly on the UKCS, initially taking high equities in 
licences – with the objective of generating opportunities that 
could add real value, rather than simply large equity or acreage 
positions.
Opportunities outside the UKCS will also be considered where 
we can apply our expertise and experience.
We plan to operate licences only where necessary to make 
sure that evaluation momentum is created. Once an evaluation 
programme is in place we are happy for other companies  
to take over this role, so we can focus our resources on new 
opportunities.
Balanced Risk Profile
 We carefully balance the risk profile of our projects, ranging 
from high impact offshore exploration drilling through to onshore 
appraisal drilling.
 
 We will only consider adding value through the acquisition of 
commercially proved reserves when there are opportunities 
at the right price that will also, ideally, add value to our other 
prospects.
 We aim to farm out a proportion of our high-equity licences, 
either through exchange to broaden our portfolio, or by bringing 
in partners with access to drilling rigs who can advance the 
evaluation process. 
Opportunistic Approach
We always take a pragmatic and opportunistic approach to both 
new opportunities and consolidation within the sector.
We are always ready to divest or swap part or all of our interest 
in a successful project at the appropriate time in its lifecycle. 
We assess the best time by considering the specific asset in 
relation to: future capital requirements and its source(s) and 
remaining risk profile – whether that’s appraisal, development 
or production, or sunk costs versus market value – as well as 
strategic positioning.
02 EnCore Oil plc  Gain on sale of EnCore Nederland B.V . 
£1.2m following Amstel sale for US$5.5 
million to Taqa in September 2008
Loss after tax £1.5m (2008: loss of £2.4m)
Cash and cash equivalents £5.4m  
at 30 June 2009 (2008: £14.5m)
Remains debt free
Financial Highlights  
2009
Completion of Ceres development with 
production commencing in late 2009
Appraise the Cladhan light oil discovery  
in early 2010
Exploration drilling on Block 28/9 Catcher 
in early 2010
Complete post well evaluation of Cobra 
and progress to field development 
planning
Complete the technical evaluation of the 
Esmond/Gordon Gas Storage project
Execute share buyback programme
Business plan for 2009/10 supported by 
strong balance sheet including Breagh 
disposal proceeds and cash flow 
generation from Ceres production
Outlook
EnCore Oil plc Annual Report 2009 03 04 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 05 04 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 05
“ In the three years since acquiring our interest in Breagh,  
we drilled three appraisal wells to prove up the accumulation, 
which is now considered by many to be one of the largest 
discoveries in the Southern North Sea of the last decade.”
Chairman’s Review
 68.8m
US$
04
EnCore completed  
four exploration and 
appraisal wells during  
the year.
Value created for 
shareholders in the  
sale of our interest in  
the Breagh gas field.
04
EnCore were awarded  
four new licences in  
the 25th UK offshore 
licencing round.  04 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 05 04 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 05
Arguably, the most significant event  
of the year occurred following year 
end. Since our inception in 2005 and 
subsequent public listing in 2006, our 
prime strategy has been to develop a 
portfolio of assets which would create 
value for our shareholders. This year has 
seen that come to fruition with the sale  
of our interest in the Breagh gas field  
for US$68.8 million. In the three years 
since acquiring our interest in Breagh,  
we drilled three appraisal wells to prove 
up the accumulation, which is now 
considered by many to be one of the 
largest discoveries in the southern  
North Sea of the last decade. 
On completion of the sale and receipt  
of funds, which is expected in September 
2009, we have a number of options  
to consider, being mindful of our strategy  
of returning value to our shareholders.  
The Board has discussed at length all the 
options available to it and I can assure 
our shareholders that, as significant 
shareholders ourselves, we are seeking 
to enhance EnCore’ s per share value and 
liquidity first and foremost. We therefore 
intend to seek shareholder approval 
at the forthcoming AGM for a share 
buyback programme. This may not by 
itself create substantial near term share 
price appreciation, but should ultimately 
increase rewards to shareholders were 
the company to be successful with our 
upcoming high impact projects in early 
2010. 
We are also about to welcome our  
maiden production from our interest  
in the Ceres gas field in the Southern 
North Sea which will provide a modest 
contribution to our now significant  
capital base. 
Moving on to gas storage, whilst we  
were naturally disappointed with the exit  
of Star Energy from the project earlier  
in the year, we have been busy analysing 
data from the well results and feeding 
them into a modified development 
scenario. We are now at the stage where 
we have a project for which we need a 
new partner or a new owner in order for 
it to be progressed. We still firmly believe 
in the technical viability of the asset, but 
recognise that its value is dependent on 
others seeing the value, as we do, of this 
asset in a market which is crying out for 
gas storage.
Above all, as we move forward into the 
year ahead we will strive to maintain a 
healthy cash balance, and retain capital 
flexibility whilst exposing our shareholders 
to projects with significant upside potential. 
EnCore, as always, remains debt free. We 
believe this is a strong position considering 
the current economic and business 
environment. 
I would like to thank you, our shareholders, 
for your continued support throughout the 
year, and I look forward to updating you 
on progress at the half year. The EnCore 
team have worked especially hard on the 
sale of Breagh, at Cladhan and also on our 
Gas Storage project as well as all our other 
assets and I thank them for their hard work 
throughout the year.
Michael T . Lynch
Chairman
12 August 2009 
We made a conscious decision at
the beginning of the year to minimise
unnecessary drilling commitments across
our portfolio until the rig market had
settled down to a more acceptable level
than in late 2008. We still completed four
important wells during the year; three
successful gas appraisal wells at Breagh
and one successful exploration well 
which discovered light oil at Cladhan.
Aside from drilling, we made two 
disposals (one signed post year end), 
farmed out equity on two blocks, regained
operatorship on one licence, and were
awarded four new licences in the 25th
UK offshore licensing round with minimal 
future financial commitments.  06 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 07 06 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 07
Our Gas Storage project suffered a set 
back with the withdrawal of Star Energy 
from the project following the drilling  
of the Esmond test well. We have 
now acquired full 100% control of the 
project and are currently redesigning the 
development plan for the Esmond field  
to account for the partial repressurisation 
of the lower reservoir. We have contracted 
a third party specialist consultancy to  
peer review and where necessary refine 
our scheme. Following a detailed reservoir 
simulation study of the field which we 
hope to implement over the summer,  
and assuming the results support our 
planned development scheme we will 
examine how we might achieve best  
value for our shareholders. Unless  
and until a commercial deal is signed, 
there will undoubtedly remain significant 
uncertainty on its potential value, 
particularly given the current state of  
the capital and debt markets.
We have been very fortunate in being 
able to reduce our drilling activity and 
associated major capital expenditures in 
2009, a period in which costs still lagged 
the precipitous fall in commodity prices. 
We expect that 2010 will see a better 
balance between costs and commodity 
prices and we expect a cautious return 
to exploration and appraisal activity in the 
UKCS, when we hope to drill both the 
Cladhan and Catcher prospects in the  
first half of the year.
2010 Outlook
We recognise that both Cladhan and 
Catcher together with the Esmond Gas 
Storage project are the three key currently 
identified elements of our portfolio that 
have the potential to make a material 
difference to our valuation, whilst requiring  
only very modest further capital investment 
and we hope to gain better knowledge  
of what the actual impact each of these 
will be in the first half of 2010. 
The remainder of our portfolio is the 
subject of our current focus. We recognise 
that the market gives us little value 
recognition for our onshore portfolio,  
which includes the Kirkleatham gas 
production and gas storage development 
project, and we are currently examining 
how we might achieve better recognition  
of this in the near term. 
Our Irish assets at Old Head and Schull 
are currently stalled, pending further 
clarification of the operators plans to either 
progress or monetise these discoveries. 
We believe that these assets are only  
likely to be developed in the near term  
with the involvement of the owners of the  
Celtic Sea gas infrastructure at Kinsale  
and we are in ongoing discussions in  
this regard. 
2009 Review
I believe that 2009 has again been
important in demonstrating delivery 
of our long stated strategy of realising
value for our assets at the appropriate
time in their life cycle. The sale of 
Breagh and of Amstel, both of which 
generated very healthy returns on 
invested capital are of particular note. 
In addition our exploration strategy 
bore fruit in the discovery of light oil in 
the Cladhan well. We are excited at the 
potential of this discovery, although
until we have drilled the next appraisal
well it is difficult to accurately estimate 
the size of the accumulation and hence 
its commerciality with any degree 
of certainty. 
“ I believe that 2009 has again been important in demonstrating 
delivery of our long stated strategy of realising value for our 
assets at the appropriate time in their life cycle.”
Chief Executive’s Review 06 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 07 06 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 07
At Cobra we have completed our 
evaluation of the project following the 
results of the last appraisal well and have 
now designed a number of potentially 
suitable well and fracture programmes  
that would test the commercial viability  
of the field. We are currently examining  
the economics of the project and will  
make a decision on whether these meet 
our criteria for further investment later  
in the year, with a view to drilling later  
in 2010. 
We expect the Ceres gas field in which  
we have a small equity position to 
commence production in the 4th quarter, 
representing our maiden, albeit modest, 
cashflows. In the context of our overall 
strategy, expected cash resources and 
remaining capital expenditure profiles this 
asset may be of more value to someone 
else, and we are currently discussing this 
with potentially interested parties. 
Share buyback programme
We fully recognise that the current 
environment for value creation in the 
UKCS is, at best, challenging for smaller 
companies. Our ongoing plans are to 
rationalise our portfolio into a small number 
of potentially material assets that require 
only modest further capital investment 
with a near term timeframe whilst 
attempting to achieve value recognition 
for the remainder. This strategy will leave 
us with a significant proportion of our 
market capitalisation as uncommitted 
cash or cash in escrow. The board has 
considered the best use for these funds 
in the light of our long stated strategy and 
the current business environment outlined 
above, and has concluded that initially 
the most effective course of action will be 
to seek shareholder approval for a share 
buyback programme. We expect through 
this programme to increase the per share 
leverage in the success case at the key 
near term projects at Cladhan, Catcher 
and Esmond Gas Storage. Subject to 
shareholder approval of the programme 
we will closely monitor and review the 
efficacy of the buyback programme and 
if necessary seek to implement additional 
value enhancement programmes or capital 
restructuring as may be appropriate.
We will continue to take a pragmatic 
and opportunistic approach to both new 
opportunities and consolidation within  
the sector.
Alan Booth
Chief Executive Officer
12 August 2009  08 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 09 08 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 09
Operational Review
Drilling Programme
We began the year with success at Ceres 
in July 2008 (EnCore 10 per cent.; UK 
southern North Sea block 47/9c) when 
the horizontal appraisal well tested gas at 
a maximum rate of 40 mmscfd through a 
96/64’ choke, exceeding our expectations. 
The discovery received Field Development 
Plan (FDP) approval from the Government 
in September 2008 and is now being 
developed as a single well sub-sea tie 
back to the nearby Mercury field. First 
production is expected in Q4 2009. 
In October 2008, we had the second of 
three successful appraisal wells at Breagh 
(EnCore 15 per cent.; UK Southern North 
Sea block 42/13a). Well 42/13-4 tested 
gas at a rate of 10.2mmscfd through a 
32/64 inch choke at a flowing wellhead 
pressure of circa 1,630 psi. This well 
demonstrated productivity from the main 
and lower Breagh reservoirs on the east  
of the Breagh structure. 
November 2008 saw an oil discovery  
at Cladhan (EnCore 16.6 per cent.;  
UK Northern North Sea block 210/29a) 
which confirmed the presence of a 
stratigraphically trapped 110 ft light  
oil column with no oil-water contact.  
In the same month, the third appraisal  
well on Breagh spud and was completed  
in early January 2009. The horizontal  
well tested gas at a maximum rate  
of 26 mmscfd through an 80/64 inch 
choke at a flowing wellhead pressure 
of circa 890psi and helped define the 
characteristics and continuity of the 
accumulation. 
Breagh
Following the drilling of the three 
successful appraisal wells on Breagh,  
we made the decision, along with our 
five co-venturers, to market the field for 
sale. After an active sale process we and 
our co-venturers entered into exclusive 
negotiations with one party, RWE Dea 
in April 2009 and a sale and purchase 
agreement was signed on 23 July 2009, 
post year end. In exchange for our  
15 per cent. equity in the field, we will 
receive US$68.8 million in cash upon 
completion, 20 per cent. of which will be 
held in an interest bearing escrow account  
for 12 months as security against any 
potential warranty or indemnity claims  
by the purchaser. Completion of the sale  
is expected in September 2009. 
Other portfolio activity
Aside from our disposal of Breagh, we 
made one other disposal during the year. 
In September 2008, we disposed of 
our wholly owned subsidiary EnCore Oil 
Nederland B.V ., whose only asset was 
a 10 per cent. interest in the Amstel field 
offshore of the Netherlands. TAQA Energy 
B.V . paid US$5.5 million cash in a deal 
which realised a net gain of £1.2 million  
for EnCore. 
During the same month, we farmed out 
percentages of our equity in two licences.
 
Firstly, we farmed out 10 per cent. of our 
interest in blocks 210/29a and 210/30a 
in the Northern North Sea, on which the 
Cladhan well was drilled in November. 
Dyas UK Limited contributed to the  
well on a promote basis as part of the  
farm out agreement, which left EnCore 
with a 16.6 per cent. interest.
Above Flaring from the Petrolia Rig during the testing  
of the Old Head of Kinsale discovery.
Above far right Ensco 85 jack-up rig on location  
at Breagh. 08 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 09 08 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 09
Secondly, 20 per cent. of our equity  
in central North Sea blocks 28/9 and  
28/10c was farmed out to Revus Energy 
(now part of Wintershall) in exchange for 
contribution to drilling the Catcher well on 
a promote basis. Following the acquisition 
of a well site survey in September, the 
Catcher well was expected to be drilled 
towards the end of the year, but due  
to the former Operator, Oilexco, being 
placed into administration in early 2009, 
this schedule slipped. In May 2009, we 
took over Operatorship of the licence  
and now expect the Catcher well to be 
drilled in 2010. 
November 2008 saw the award of four 
offshore licences covering five blocks  
in the UK 25th offshore licensing round: 
15/21g, 48/1d, 9/27c, 14/29d and 
14/30c. 
Block 15/21g (EnCore 40 per cent.; 
Operator) is a traditional licence. The 
work programme comprises seismic 
reprocessing and a drill-or-drop well 
decision within two years of the award. 
Block 48/1d (EnCore 25 per cent.; 
Operator) is also a traditional licence.  
The block contains interpreted extensions 
of the Cobra discovery and the Python 
prospect in the adjacent blocks and the 
work programme comprises a drill-or- 
drop well decision within two years  
of the award. Block 9/27c (EnCore  
100 per cent.; Operator) is a promote 
licence. The work programme comprises 
seismic reprocessing and a drill-or-drop 
well decision to be made within two  
years of the award. Blocks 14/29d and 
14/30c (EnCore 100 per cent.; Operator) 
are also promote licences with a work 
programme of a drill-or-drop well decision 
within two years of the award.
Onshore
In March 2009, the access track and 
site build began on the Markwells Wood 
prospect on licence PEDL 126 (EnCore  
10 per cent.). It is expected that the well 
will be drilled in 2010 depending upon  
rig availability. 
In June 2009, we assigned our share  
of two onshore UK licences, PEDL  
089 and 1153, to Wessex Exploration  
in return for Wessex settling outstanding 
cash calls on the licences. Following 
the completion of seismic studies 
we concluded that we did not wish 
to progress any further with a work 
programme on these licences. 
3D seismic reprocessing work on our 
Biscathorpe licence on PEDL 253 (EnCore 
60 per cent.; Operator) was completed 
in June and we are now seeking farm-in 
partners with a view to drilling a well to 
appraise the Biscathorpe structure in 2010 
or 2011. Biscathorpe represents one of 
the larger remaining unappraised onshore 
structures, with significant stratigraphic 
upside potential.
We are hopeful that, now that outline 
gas sales terms have been agreed, the 
Kirkleatham gas discovery on licence 
PEDL068 will move quickly to first gas  
in 2010. 
Gas Storage
November 2008 saw the results of the 
pressure test well on the potential gas 
storage project at Esmond (EnCore 100 
per cent.; UK North Sea blocks 43/13a, 
43/15a & 43/20a). The results showed the 
reservoir behaviour to be more complex 
than initially modelled but still technically 
viable with a different engineering solution. 
Following the well result, the Operator, 
Star Energy notified us that they no longer 
wished to proceed with the Front End 
Engineering and Design (FEED) phase 
of the project as, while still technically 
viable, the project no longer met with their 
economic and strategic investment criteria. 
As a result of the FEED phase being 
a requirement of Star Energy’s farm in 
agreement with EnCore, Star Energy’s 
50 per cent. equity in the Esmond and 
Gordon licences reverted back to EnCore 
in June 2009. 
We have reworked possible development 
options on the project and have recently 
commissioned Helix RDS to provide an 
independent assessment of the technical 
viability of the project, which could then 
lead to further studies. 
In the meantime, given the uncertainty 
surrounding the project, we wrote off all 
gas storage project costs to date at the 
half year, amounting to £0.5 million. 
The year ahead
In a similar vein to last year, this year  
will see limited drilling activity. We expect 
to drill two key wells: an appraisal well 
on Cladhan and an exploration well on 
Catcher. 
We are also looking forward to first 
production from Ceres before the end of 
2009 and we expect to do further pre-drill 
work on Cobra and Bennett. 10 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 11 10 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 11
1. Michael T . Lynch
Chairman
Mike has over 30 years industry experience.  
He founded and led UK independent, Intrepid 
Energy in October 1996, which was subsequently 
sold in 2004 for over US$1 billion. Intrepid’s 
primary focus was in the UK North Sea, with  
a 30 per cent. stake in Buzzard.
Prior to founding Intrepid, Mike held a number  
of positions including: 
•  Managing Director and Chief Executive of  
Santa Fe Exploration (UK) Limited (“SFX”).  
Under Mike’ s leadership, until his departure  
in 1995, SFX grew into a company producing 
approximately 70,000 boe per day, with proved 
reserves in excess of 200 mmboe and ranked 
in the top 25 UK production companies. It was 
subsequently sold to Saga for US$1.23 billion. 
• Drilling and Production Engineer with T exaco.
2. Alan Booth
Chief Executive Officer 
Alan is co-founder of EnCore with over 25 years  
of experience within the oil and gas industry.  
Prior to co-founding EnCore, Alan held a number 
of senior roles including: 
•  Chairman and Managing Director of EnCana 
(U.K.) Limited and a member of EnCana 
Corporation’ s executive management team.  
Alan was instrumental in building EnCana UK  
up from a new UK entrant in late 1996 into  
a significant UK production operator and that 
discovered and developed the Buzzard field. 
Alan led the UK team in the sale of the company 
in late 2004 to Nexen Inc. for US$2.1 billion. 
•  Prior to EnCana, Alan worked in a number of 
positions of increasing seniority for Amerada 
Hess and Oryx Energy both in the UK and 
overseas. 
Alan is a current director of industry bodies,  
Oil & Gas UK and OGIA and he is also a member  
of PILOT. 
Alan has previously been President of UKOOA 
from December 2003 – March 2005 and  
President of the PESGB in 2003. In April 2004 
Alan was awarded the Petroleum Group Silver 
Medal by the Geological Society in recognition  
of his contribution to the Industry.
3. Eugene Whyms FCCA
Chief Financial Officer and Company Secretary
Along with Alan, Eugene co-founded EnCore 
in April 2005. He has over 20 years extensive 
industry experience in all issues of finance, tax, 
treasury, M&A and worldwide joint ventures.  
He has held positions including: 
•  Finance Director of EnCana (U.K.) Limited  
(now Nexen Petroleum U.K. Limited). 
•  Head of Group Finance, Group Audit Manager 
and Manager Financial Accounting at Enterprise 
Oil plc. 
Eugene is a trustee of the St. Christopher’ s 
Fellowship, a London-based housing association 
and charity for the homeless.
4. Graham Doré
Exploration Director 
Graham has over 20 years experience in the oil 
and gas industry. Prior to joining EnCore in 2005, 
he held positions including:
•  Senior geologist with Nexen Petroleum U.K. 
Limited, where he generated and developed  
the Buzzard prospect leading to the discovery  
of the Buzzard field in 2001.
•  Geologist with Amerada Hess in the UKCS  
and Norway. 
Graham is a member of PESGB.
5. Christine M.K. Wheeler OBE
Non-Executive Director 
Christine has over 35 years’ experience in  
advising the upstream oil and gas industry on  
fiscal and commercial matters including structuring, 
financing and transactions from small farm-in’s  
to corporate acquisitions of over US$2 billion.  
In 1994, Christine was awarded the OBE for 
services to the oil industry. Christine is now an 
independent consultant and in the past has held  
a number of positions including:
•  Chairman of an independent taxation advisory 
consultancy.
•  Head of natural resources division of  
Ernst & Young.
•  Adviser to the upstream clients of Arthur Young 
Chartered Accountants.
Christine is also a non-executive director of  
Setanta Energy B.V ., an exploration and production 
company with its focus on West Africa.
Board of Directors
The EnCore Board of Directors has 
extensive experience in the oil and gas 
industry, both in the UK and worldwide. 
1 4
2 5
3 10 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 11 10 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 11
6. Melanie Black
Office Manager
Melanie manages the office operations and 
provides financial accounting support. She has 
over 15 years experience within the oil and gas 
industry, previously with Enterprise Oil plc and BP .
7. Graham Bull
Geological Advisor 
Graham provides geoscience technical expertise 
and support for EnCore’s onshore and offshore 
projects. He has over 36 years experience  
as a geologist within the oil and gas industry.
8. James Clark
Commercial and T ax Manager
James provides commercial and tax expertise 
for company planning and joint venture business 
transactions. He has over 30 years experience  
in commercial and tax within the oil and gas 
industry. He has previously worked for EnCana 
(UK) Limited, Enterprise Oil plc, the House of 
Commons and the HMRC.
9. Yvonne Fraser
Investor Relations Manager
Yvonne is responsible for investor relations.  
She has over 9 years experience in investor 
relations and PR roles, including positions  
at Enterprise Oil plc, Hanson plc and Aquila  
Financial Limited. 
10. Chris Johnson
Group Financial Controller
Chris oversees financial activities for EnCore.  
He has over 15 years experience in financial  
roles within the oil and gas industry. Previous  
roles include Group Financial Controller at 
Tandberg Television, Group Reporting Manager, 
then Vice President Finance USA at Enterprise  
Oil plc, and member of the oil and gas audit  
team at KPMG London. 
11. Peter Schwarz
Business Development Manager
Peter provides business development expertise 
and support for EnCore’s projects. He has over 
30 years experience in the oil and gas industry, 
including working as a principal of his own 
consultancy, and various management roles  
with Amerada Hess, BG, and Marubeni.
12. Peter Williams
Group T echnical Manager
Peter provides engineering expertise for  
EnCore’s projects and manages the engineering 
technical services in support of those projects.  
He has over 35 years experience as an engineer  
in the oil and gas industry, including working  
as a principal of his own consultancy, and roles 
with Enterprise Oil plc, Getty Oil (UK) Ltd., and 
Shell International Ltd. He is also a member of  
the Society of Petroleum Engineers.
13. Paul Y oung
Geoscience Manager
Paul provides geophysics expertise for EnCore’s 
projects and manages the geoscience technical 
services in support of those projects. He has 
over 25 years experience in geophysics and has 
previously held positions at Nexen U.K. Limited, 
EnCana (UK) Limited, and PanCanadian Energy 
Corporation. He is also a member of the PESGB.
The EnCore Team 
12 9 6
13 10 7
11 8 12 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 13 12 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 13
Financial Review
Loss for the financial year
The net loss for the year to 30 June  
2009 is £1.5 million (year to 30 June  
2008: £2.4 million). The operating loss is 
£3.2 million (2008: £3.3 million) comprising 
administrative expenses of £1.9 million 
(2008: £2.3 million) and exploration costs 
of £1.3 million (2008: £1.0 million). The 
operating loss has been partly offset by a 
gain on the sale of EnCore Oil Nederland 
B.V . of £1.2 million and net financial 
income of £0.4 million (2008: £0.9 million). 
Foreign currency gains were £0.1 million  
in the year (2008: a gain of £0.03 million).
The gross administrative costs can be 
further analysed as follows:
 2009 2008
 £ million £ million
Staff costs 2.1 2.5
Legal and professional 0.6 0.3
Office costs 0.1 0.1
Other 0.1 0.3
 2.9 3.2
Gross administrative expenses were  
£2.9 million (2008: £3.2 million), reflecting 
stable staffing levels and costs and 
the benefit of the release of prior year 
provisions for employer social security 
arising on unrealised gains on unexercised 
share options that have now reversed, 
£0.2 million, of which £1.0 million (2008: 
£0.9 million) was capitalised as it reflected 
direct work to enhance the value of our 
interests. Consequently, net administration 
costs in the income statement were  
£1.9 million (2008: £2.3 million).
Staff costs includes £0.5 million (2008: 
£0.6 million) of IFRS 2 charges related to 
share options granted to Directors, staff 
and third parties. 
Exploration costs of £1.3 million (2008: 
£1.0 million) principally relates to the costs 
accumulated on the Esmond/Gordon  
Gas Storage project, £0.5 million, together  
with costs accumulated on licences/
blocks that have or are to be relinquished. 
All costs relate to UK Onshore and 
Offshore interests. 12 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 13 12 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 13
Balance sheet
At 30 June 2009 the Group had net assets 
of £49.2 million (30 June 2008: £50.2 
million). The most significant balances 
are intangible exploration and evaluation 
assets of £27.2 million (2008: £38.2 
million); assets held for sale, the Breagh 
asset sold in July 2009, £18.8 million and 
cash of £5.4 million (2008: £14.5 million).
The exploration and evaluation assets can 
be further analysed as follows:
 2009 2008
 £ million £ million
UK onshore licences 7.7 7.3
UK offshore licences 11.9 21.7
Other 7.6 9.2
 27.2 38.2
During the year to 30 June 2009,  
the Company incurred expenditure of  
£14.7 million on its oil and gas properties 
principally in respect of appraisal drilling  
in the UK North Sea on the Breagh  
and Cladhan discoveries and on the 
development of the Ceres field.
Other exploration and evaluation assets 
include interests in Ireland, France and 
Western Sahara. 
Cash flow
The Group ended the year with £5.4 
million of cash and cash equivalents  
(2008: £14.5 million). The Group remains 
debt free.
The Group spent £1.5 million (2008: £1.8 
million) during the year funding operations 
prior to working capital adjustments, 
principally staff costs.
At 30 June 2009 approximately half of  
our cash is held on deposit with The Royal 
Bank of Scotland and attracts floating  
rate interest. The balance was placed on 
short term deposit again with The Royal 
Bank of Scotland attracting fixed rate 
interest. Some use has been made of 
short term deposits to enhance interest 
income. T o date the duration of these 
deposits has not exceeded three months. 
At 30 June 2009 £5.4 million of cash 
was held in GB Pounds. The Group is 
therefore not currently exposed to the risk 
that movements in exchange rates with 
GB Pounds will impact the value of this 
holding, however we do at times increase 
our holdings of US Dollars. 14 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 15 14 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 15
The EnCore Oil Board is committed 
to business integrity and high ethical 
values across the Group’s activities. 
The Directors are committed, where 
practicable for a company of this  
size, to applying the requirements  
of the Combined Code on Corporate 
Governance.
This statement explains how the Directors 
applied the principles of the Code during 
the year ended 30 June 2009.
The Board
The Board comprises three Executive 
Directors and two Non-Executive 
Directors, Michael T . Lynch and Christine 
M.K. Wheeler OBE. All the Directors 
served throughout the year. 
Each of the Directors has extensive 
knowledge of the oil and gas industry. 
Biographies of the Directors are set out  
on page 10 of this annual report.
The Board is accountable to shareholders 
for the formulation and delivery of the 
Group’ s strategy. T o achieve this, the 
Board directs and monitors the Group’s 
affairs within a framework of controls 
which enable risk to be assessed and 
managed effectively. The Board sets the 
Group’s strategy, ensures that sufficient 
resources are in place to achieve the 
strategy, and reviews management and 
financial performance. The Board also has 
responsibility for setting the Group’ s core 
values and standards of business conduct 
and for ensuring that these, together with 
the Group’ s obligations to its stakeholders, 
are understood by all employees.
The Board meets at least six times a 
year and as issues arise which require 
Board attention. The Board has a formal 
schedule of matters specifically referred 
to it for decision. In addition to those 
formal matters the Board will also consider 
strategy and policy, acquisition and 
divestments proposals, approval of major 
capital investments, risk management 
policy, significant financing matters and 
statutory shareholder reporting.
A statement of the Directors’ responsibilities 
in respect of the accounts is set out on 
page 19.
The Company has established  
Audit, Nomination and Remuneration 
Committees which are further discussed 
below.
Audit Committee
An Audit Committee has been established 
and currently comprises Michael T. Lynch 
and Christine M.K. Wheeler OBE. It meets 
at least twice a year and is responsible  
for ensuring that the financial performance 
of the Group is properly reported on 
and monitored. This includes reviewing 
significant financial reporting issues and 
accounting policies and disclosures in 
financial reports. It liaises with the auditors 
and reviews the reports from the auditors 
relating to the accounts and internal 
control systems. If required, meetings 
are attended by appropriate members of 
senior management. The Audit Committee 
is also responsible for reviewing the 
requirement for an internal audit function.
Remuneration Committee
A Remuneration Committee has been 
established and currently comprises 
Michael T . Lynch and Christine M.K. 
Wheeler OBE. It reviews the performance 
of the Executive Directors and sets the 
scale and structure of their remuneration 
on the basis of their service agreements 
with due regard to the interests of 
shareholders and the performance of  
the Group. The Remuneration Committee 
also makes recommendations to the 
Board concerning employee incentives, 
including the allocation of share options 
to employees. Directors of the Group are 
not permitted to participate in discussions 
or decisions of the Committee concerning 
their own remuneration.
Nominations Committee
A Nominations Committee has been 
established and currently comprises 
Michael T . Lynch and Christine M.K. 
Wheeler OBE. It reviews and recommends 
to the Board the appointment of Directors.
Relations with shareholders
Communications with shareholders are 
given high priority and there is regular 
dialogue with institutional investors, as  
well as general presentations to analysts 
at the time of the release of the annual and 
interim results. The Company maintains 
a website (www.encoreoil.co.uk) for the 
purpose of improving information flow to 
shareholders as well as potential investors. 
It contains all press releases, reports and 
accounts and extensive information about 
the Group’ s activities. Enquiries from 
individual shareholders on matters relating 
to their shareholdings and the business  
of the Group are welcomed. Shareholders 
are also encouraged to attend the  
Annual General Meeting at which they  
are given the opportunity to put questions 
to the Chairman and other members of 
the Board.
Internal controls
The Board is responsible for establishing 
and maintaining the Group’ s system 
of internal controls and for reviewing 
its effectiveness. They are designed 
to safeguard the assets of the Group 
and to ensure the reliability of financial 
information for both internal use and 
external publication. The controls which 
include inter alia financial, operational and 
compliance matters and management 
are reviewed on an ongoing basis. A 
system of internal control can provide only 
reasonable, and not absolute, assurance 
that material financial irregularities will be 
detected or that risk of failure to achieve 
business objectives is eliminated. The 
Board has considered the need for an 
internal audit function but because of the 
size and nature of its operations does not 
consider it necessary at the current time.
Risk
The Directors are responsible for 
the effectiveness of the Group’s risk 
management activities and internal control 
processes. The Group is exposed to a 
range of technical, geological, operational, 
political, environmental, health and safety 
and financial risks in the conduct of its 
operations. The Group seeks to manage 
and mitigate these risks by maintaining 
a balanced portfolio and, through 
compliance with the terms of its licences, 
the application of policies and procedures 
appropriate for a small international oil and 
gas company and the recruitment and 
retention of highly skilled personnel.
The Group’ s principal risks are considered 
to fall into four main categories. These 
risks are not presented in any assumed 
order of priority. Any of the risks, as  
well as the other risks and uncertainties 
discussed in this document, could have  
a material adverse effect on our business. 
In addition, the risks set out below may 
not be exhaustive and additional risks and 
uncertainties, not presently known to the 
Company, or which the Company deems 
immaterial, may arise or become material 
in the future.
Corporate Governance Statement 14 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 15 14 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 15
Risk category Definition Possible risks
Strategic risks The strategy developed  • mix of oil and gas interests 
 by the Board may fail to  • balance of organic/acquisition-led growth 
 create shareholder value •  ineffective/inadequate management 
processes 
  • insufficient portfolio balance
Financial risks Failure to meet  • inadequate/excessive hedging 
 financial obligations  • oil and gas price volatility 
 to stakeholders • cost inflation 
  • mis-priced corporate acquisitions
  • uninsured events
Operational  Damage to shareholder • HSE incident 
risks value, environment,  • corruption/reputation risk 
 personnel or  • security incident
 communities caused • failure to secure resources 
 by operational failures • loss of key staff 
  • sustained exploration failure
External risks Failure to manage/grow  • oil and gas price volatility 
 the business caused by  • hostile acquisition 
 external factors (political,  • political risk and asset sequestration 
 industry or market) • war, terrorist act and natural disaster
  • fiscal change
  • shareholder sentiment 16 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 17 16 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 17
The Directors submit their report 
together with the audited consolidated 
financial statements of EnCore Oil plc  
for the year ended 30 June 2009.
Business review
The principal activities of the Company 
and its subsidiary undertakings (the 
Group) during the year continued to be oil 
and gas exploration and the provision of 
technical services to joint venture partners. 
Information on the Company’s principal 
subsidiary undertakings appears in note 3 
to the Company’ s financial statements.
Other than monitoring the rate of cash 
burn the Group does not currently use any 
key performance indicators to measure 
progress towards our business goals.
The Company is required by the 
Companies Act to set out in this report  
a fair review of the business of the Group 
during the financial year ended 30 June 
2009 and of the position of the Group 
at the end of the year and a description 
of the principal risks and uncertainties 
facing the Group (‘business review’). The 
information that fulfils the requirements of 
the business review can be found within 
the Chairman’s Review, Chief Executive’s 
Review, Operational Review, Financial 
Review and Corporate Governance 
statement sections on pages 04 to 09  
and 12 to 15.
Results and dividends
The loss on ordinary activities after taxation 
amounted to £1.5 million (year to 30 June 
2008 £2.4 million).
The Directors have not recommended 
payment of a dividend.
Directors
The Directors of the Company at the date 
of this report, and their biographical details 
are given on page 10. All the Directors 
served throughout the year.
Although not required by the Company’s 
Articles of Association, in keeping with 
best corporate governance practice 
of AIM-listed companies, the current 
Directors Christine M.K. Wheeler OBE  
and Graham Doré will retire by rotation  
and will seek re-appointment to the  
Board of Directors of the Company  
at this year’ s AGM.
Details of Directors’ interests in the 
ordinary shares of the Company and in 
share options are set out on pages 17 and 
18 in the Directors’ Remuneration Report.
Insurance cover
The Company maintains Directors’ and 
Officers’ Liability insurance cover, the level 
of which is reviewed annually.
Share capital
At the date of this report 307,360,839 
ordinary shares are issued and fully paid. 
There were no changes in the share capital 
during the year to 30 June 2009.
Significant interests
As of the date of this report the Company 
had been notified of the following interests  
of three per cent. or more in the Company’s 
ordinary share capital:
 % Shares
Blackrock 5.82 17,890,113
Credit Suisse 4.81 14,785,006
Alan Booth 3.20 9,825,000
Eugene Whyms 3.06 9,400,000
  
The Company has not been notified of any 
other person who has an interest in three 
per cent. or more in the Company’ s share 
capital.
Shareholder information
The ordinary shares of the Company are 
listed on AIM under the symbol ‘EO.’. As 
at 5th August 2009, the broad distribution 
of the ordinary shares in issue was as 
follows:
 % Shares
Institutions 52.84 162,418,809
Directors and staff 13.95 42,886,576
Other individuals 33.20 102,055,454
Financial instruments
Details of cash holdings are shown in note 
17 to the financial statements. Details 
of the Group’ s exposure to credit risk, 
foreign currency risk and interest rate 
risk are shown in note 26 to the financial 
statements.
Post balance sheet events
Details of post balance sheet events 
are shown in note 23 to the financial 
statements.
Supplier payment policy
The Group’s policy is to agree payment 
terms with individual suppliers and to 
abide by those terms. Trade creditors 
of the Group at 30 June 2009 were 
equivalent to 18 days’ purchases, based 
on the average daily amount invoiced by 
suppliers to the Group during the year.
Donations
During the year the Group made no 
charitable donations (2008: Nil).
Auditors
A resolution to re-appoint PKF (UK) LLP 
as auditors of the Company is to be 
proposed at the Annual General Meeting.
Going concern
The financial statements have been 
prepared on a going concern basis.
The Group’s net cash used in investing 
activities of some £7.4m in the year  
under review is substantially in excess  
of the cash generated from operations.  
However, much of this cash was spent 
progressing the Breagh project, which  
was subsequently contracted to be sold  
in July 2009 for $68.8 million. 
The Directors have prepared financial 
forecasts for the period through to  
August 2010 based on the assumptions 
that the Breagh disposal proceeds will 
be received in 2009 and that no further 
external funds being raised. After due 
consideration of these forecasts and 
current cash resources (year end some 
£5.4m available cash) the Directors are 
of the view that the Group has adequate 
financial resources to meet its liabilities as 
they fall due for the foreseeable future and 
for a period of at least 12 months from 
the date of authorisation of these financial 
statements.
Disclosure of information to the auditors
Each person who is a Director at the date 
of approval of this Annual Report confirms 
that:
•  So far as the Director is aware, there is 
no relevant audit information of which the 
Company’ s auditors are unaware; and
•  The Director has taken all the steps 
that he or she ought to have taken 
as a Director in order to make himself 
or herself aware of any relevant audit 
information and to establish that the 
Company’s auditors are aware of that 
information.
This confirmation is given, and should 
be interpreted, in accordance with the 
provisions of s234ZA of the Companies  
Act 2006.
Signed on behalf of the Board by:
Eugene Whyms
Company Secretary
12 August 2009 
Directors’ Report 16 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 17 16 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 17
Information not subject to audit
The members of the Remuneration 
Committee are Michael T . Lynch and 
Christine M.K. Wheeler OBE. The 
Committee met twice during the year.
The main responsibilities of the  
Committee include:
•  determining and agreeing with the  
Board the remuneration policy for the 
Chief Executive, Executive Directors  
and senior executives;
•  reviewing the design of share incentive 
plans for approval by the Board and 
shareholders and determining the annual 
award policy to Executive Directors and 
senior executives under existing plans; and
•  within the terms of the agreed policy, 
determining the remainder of the 
remuneration packages (principally 
comprising salary and pension) for each 
Executive Director and senior executive.
The Chief Executive and other relevant 
executives are invited to attend meetings of 
the Committee but do not take part in any 
decision affecting their own remuneration.
The Group’ s policy is to maintain levels  
of remuneration so as to attract, motivate 
and retain Executive Directors and senior 
executives of the calibre required to grow 
the business and enhance shareholder value.
There are four main elements of the 
remuneration package for Executive 
Directors and senior executives:
• Basic annual salary
• Benefits in kind
• Pension arrangements
•  Incentive schemes including share options 
and performance incentive plan
Executive Directors Remuneration
Basic salary
The basic salaries of the Executive 
Directors are reviewed annually with regard 
given to personal performance, Company 
performance, changes in responsibilities 
and competitive market practices. The 
base salary of each Executive Director, 
prior to any salary sacrifice election, is:
Alan Booth £175,000
Eugene Whyms £175,000
Graham Doré £150,000
Benefits in kind
The Executive Directors and senior 
executives receive benefits in kind, 
principally private medical insurance,  
life assurance and critical illness cover.
Pension arrangements
The Company does not operate a pension 
plan. Each Executive Director is entitled to 
receive a payment equivalent to 15 per cent. 
of his annual basic salary into his private 
pension scheme.
Incentive schemes
The Group has put in place two 
performance schemes to incentivise all 
employees of the Company, aid recruitment 
to the Company and enable all staff to 
benefit from the successful growth of 
the Company. The Group believes that 
the remuneration policy followed to date 
supports the achievement of EnCore’ s 
strategic goals. Factors of this policy include 
a high proportion of the compensation 
package being performance-linked and  
a significant element of incentive pay being 
directly related to EnCore’ s share price 
performance; both of which create a very 
strong alignment with shareholders.
The first scheme, the ‘EnCore Option 
Scheme,’ has been in place since the 
reverse takeover of Oil Quest Resources  
plc in March 2006; the second scheme,  
the ‘Performance Incentive Plan,’ was  
put in place in July 2008.
Share options
The EnCore Option Scheme is comprised  
of two parts: the basic share option scheme 
and a part which constitutes an Enterprise 
Management Incentive Plan under rules  
set out by HM Revenue and Customs  
in the United Kingdom. Options granted  
under the EnCore Option Scheme can  
be granted, at the discretion of the Board, 
under one or other of the two parts. Apart 
from certain tax benefits which can accrue 
to the Company and its UK employees if 
options are granted under the part relating 
to the EnCore EMI Plan all other terms 
under which options can be awarded  
under either part are substantially identical.
The Company’ s policy permits the granting 
of options in the 42 day period following 
the announcement of the Company’s 
interim or final results.
In January 2009, 640,000 share options 
were granted to a new employee of EnCore 
Oil plc at a grant price of 11.25 pence  
per share. The share options vest in equal 
amounts on the first, second and third 
anniversaries of the date of grant and must 
be exercised within five years of the grant 
date or forfeited.
In March 2009, 9,100,000 share options 
were granted to all employees of EnCore Oil 
plc at a grant price of 8.5 pence per share 
on the same terms as above. 
The total number of options outstanding  
at any point in time cannot exceed 10  
per cent. of the issued Ordinary Shares  
of the Company.
Performance Incentive Plan
In July 2008 the Company put in place 
the EnCore Performance Incentive Plan 
(EPIP) and made an award of 9,350,000 
Performance Units (PUs) to plan 
participants. Individual awards of EPIP PUs 
were broadly consistent with past awards 
of share options with the principal exception 
of the Executive Directors who received a 
smaller proportion of the overall allocation. 
The EPIP provides a vehicle to retain and 
motivate key staff members who will play  
a key role in helping deliver this value.
The PUs will not achieve any value under 
the EPIP until certain performance hurdles 
and value creation criteria are met. These 
include a minimum share price hurdle of  
60 pence combined with the completion  
of a significant asset or corporate sale.  
The share price on the date that the EPIP 
was introduced was 40 pence per share.
Once all appropriate share price hurdles  
and triggers have been met the amount 
paid will be calculated by reference to the 
increase in share price over the base share 
price of 40 pence per share. The amount  
of excess over the base share price will then 
be subject to a pro-ration factor of between 
0.75 to 1.75, depending on the magnitude 
of the excess over the 60 pence hurdle price.
The resulting award will then be further 
pro-rated to reflect the proportion that any 
asset sales proceeds relate to EnCore’s 
total market capitalisation. In the event of  
a change of control or sale of the Company 
there will be no pro-ration. 
Following an asset or partial sale of the 
business the hurdle and base share 
prices will be rebased for the purposes of 
calculating any future performance related 
payments. Any awards are subject to the 
discretion of the Remuneration Committee.
Service contracts and letters of 
appointment
Each of the Executive Directors entered 
into a service agreement with the Company 
with effect from 3 March 2006. Each 
service agreement is on similar terms. Each 
agreement is terminable by either party on 
twelve months’ notice. There are no specific 
provisions under which any person is entitled 
to receive compensation upon the early 
termination of his service agreement other 
than in accordance with these notice periods.
Non-Executive Directors’ fees
Michael T . Lynch is paid a basic annual fee 
Remuneration Report 18 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 19
of £37,500 and Christine M.K. Wheeler 
OBE receives a basic annual fee of 
£30,000. The appointment is terminable  
on six months notice served by either party. 
The Non-Executive Directors are both 
paid a fee of £7,500 in recognition of their 
services on the Committees.
Material Contracts
There have been no other contracts or 
arrangements during the period in which 
a Director of the Company was materially 
interested and which were significant in 
relation to the Group’ s business.
Audited information
Directors’ remuneration
  Remuneration in the year to 30 June 2009 
Year to 30
  Fees/base salary  Benefits in kind Pension T otal June 2008 
  £ £ £ £ £
Executive Directors      
Alan Booth*  172,287 4,629 25,843 202,759 203,252
Eugene Whyms*  174,160 3,626 26,124 203,910 204,657
Graham Doré*  148,223 3,513 22,233 173,969 173,645
Non-Executive Directors     
Michael Lynch  45,000 1,448 – 46,448 46,327
Christine M.K. Wheeler OBE  37,500 2,531 – 40,031 40,408
T otal remuneration  577,170 15,747 74,200 667,117 668,289
*After salary sacrifice
Directors interests in the Share Capital of the Company
     % of issued
Ordinary shares of £0.05 each    At 30 June 2009 Ordinary share Capital
Alan Booth    9,825,000 3.20
Eugene Whyms    9,400,000 3.06
Michael T . Lynch    8,092,221 2.63
Graham Doré    6,558,229 2.13
Christine M.K. Wheeler OBE    2,250,657 0.73
    36,126,107 11.75
 No other loans or guarantees were given to the Chairman of the Board, Directors or related parties. The number of shares reported 
includes any shares held by children under the age of 18 of the named individual or by companies controlled by the individual.
EnCore Oil plc Share Option Scheme
 Details of shares awarded to Directors under the EnCore Oil plc share option scheme are as follows:    
     
  Date  As at 30  Share price at Exercise Exercisable Exercisable 
Name of Director Granted granted June 2009  grant date price from
1
 to
1
Alan Booth 1,390,000 03.03.06 1,390,000 £0.34 £0.34 03.03.07 02.03.11
 1,400,000 14.03.07 1,400,000 £0.17 £0.17 14.03.08 13.03.12
 1,400,000 05.03.09 1,400,000 £0.085 £0.085 05.03.10 04.03.14
Eugene Whyms  1,390,000 03.03.06 1,390,000 £0.34 £0.34 03.03.07 02.03.11
  1,400,000 14.03.07 1,400,000 £0.17 £0.17 14.03.08 13.03.12
  1,400,000 05.03.09 1,400,000 £0.085 £0.085 05.03.10 04.03.14
Graham Doré  1,140,000 03.03.06 1,140,000 £0.34 £0.34 03.03.07 02.03.11
  1,250,000 14.03.07 1,250,000 £0.17 £0.17 14.03.08 13.03.12
  1,250,000 05.03.09 1,250,000 £0.085 £0.085 05.03.10 04.03.14
Michael T . Lynch  250,000 03.03.06 250,000 £0.34 £0.34 03.03.07 02.03.11
  250,000 14.03.07 250,000 £0.17 £0.17 14.03.08 13.03.12
  250,000 05.03.09 250,000 £0.085 £0.085 05.03.10 04.03.14
 Christine M.K. Wheeler OBE 250,000 03.03.06 250,000 £0.34 £0.34 03.03.07 02.03.11
  250,000 14.03.07 250,000 £0.17 £0.17 14.03.08 13.03.12
  250,000 05.03.09 250,000 £0.085 £0.085 05.03.10 04.03.14
T otal  13,520,000  13,520,000    
1
 All share options vest in equal instalments on the first, second and third anniversaries of the grant date.
The closing market price of the ordinary shares at 30 June 2009 was 16.25 pence and the range during the year was 7.325 pence  
to 41.75 pence.
Christine M.K. Wheeler OBE 
Chairman of the Remuneration Committee 
12 August 2009
Remuneration Report continued 18 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 19
The directors are responsible for preparing 
the directors’ report and the financial 
statements in accordance with applicable 
law and regulations. 
Company law requires the directors to 
prepare financial statements for each 
financial year. Under that law the directors 
have, as required by the AIM Rules of 
the London Stock Exchange, elected to 
prepare the group financial statements  
in accordance with International Financial 
Reporting Standards as adopted by the 
European Union and have elected to 
prepare the parent company financial 
statements in accordance with United 
Kingdom Generally Accepted Accounting 
Practice (United Kingdom Accounting 
Standards and applicable law). Under 
company law the directors must not 
approve the financial statements unless 
they are satisfied that they give a true  
and fair view of the state of affairs of  
the company and the group and of the 
profit or loss of the group for that period. 
In preparing these financial statements  
the directors are required to:
•  select suitable accounting policies and 
then apply them consistently;
•  make judgments and estimates that  
are reasonable and prudent;
•  state whether the group financial 
statements have been prepared in 
accordance with IFRSs as adopted  
by the European Union;
•  state, with regard to the parent 
company financial statements, whether 
applicable accounting standards have 
been followed, subject to any material 
departures disclosed and explained in 
the financial statements;
•  prepare the financial statements on 
the going concern basis unless it is 
inappropriate to presume that the 
company and the group will continue  
in business.
The directors are responsible for  
keeping adequate accounting records  
that are sufficient to show and explain  
the company’ s transactions and disclose  
with reasonable accuracy at any time  
the financial position of the company  
and the group and enable them to ensure 
that the financial statements comply with 
the Companies Act 2006. They are also 
responsible for safeguarding the assets  
of the company and the group and  
hence for taking reasonable steps for  
the prevention and detection of fraud  
and other irregularities.
The directors are responsible for the 
maintenance and integrity of the corporate 
and financial information included on the 
company’ s website. Legislation in the 
United Kingdom governing the preparation 
and dissemination of the financial 
statements and other information included 
in annual reports may differ from legislation 
in other jurisdictions.
Statement of Directors’ Responsibilities 20 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 21 20 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 21
Independent Auditors’ Report to the Members of EnCore Oil Plc
We have audited the financial statements 
of Encore Oil PLC for the year ended  
30 June 2009 which comprise the 
Consolidated Income Statement, the 
Consolidated and Company Balance 
Sheets, the Consolidated Cash Flow 
Statement, the Consolidated Statement  
of Changes in Equity and the related 
notes. The financial reporting framework 
that has been applied in their preparation 
is applicable law and International Financial 
Reporting Standards (IFRSs) as adopted 
by the European Union. The financial 
accounting framework that has been 
applied in the preparation of the parent 
company financial statements is applicable 
law and United Kingdom Accounting 
Standards (United Kingdom Generally 
Accepted Accounting Practice).
This report is made solely to the 
company’s members, as a body, in 
accordance with sections 495 and 496 of 
the Companies Act 2006. Our audit work 
has been undertaken so that we might 
state to the company’ s members those 
matters we are required to state to them 
in an auditors’ report and for no other 
purpose. T o the fullest extent permitted 
by law, we do not accept or assume 
responsibility to anyone other than the 
company and the company’s members as 
a body, for our audit work, for this report, 
or for the opinions we have formed.
Respective responsibilities of directors 
and auditors
As explained more fully in the directors’ 
responsibilities statement, the directors 
are responsible for the preparation of 
the financial statements and for being 
satisfied that they give a true and fair view. 
Our responsibility is to audit the financial 
statements in accordance with applicable 
law and International Standards on 
Auditing (UK and Ireland). Those standards 
require us to comply with the Auditing 
Practices Board’ s Ethical Standards for 
Auditors.
Scope of the audit
An audit involves obtaining evidence 
about the amounts and disclosures 
in the financial statements sufficient 
to give reasonable assurance that the 
financial statements are free from material 
misstatement, whether caused by fraud  
or error. This includes an assessment  
of: whether the accounting policies  
are appropriate to the group’ s and the  
parent company’ s circumstances and 
have been consistently applied and 
adequately disclosed; the reasonableness 
of significant accounting estimates  
made by the directors; and the overall 
presentation of the financial statements.
Opinion on financial statements
In our opinion;
•  the financial statements give a true  
and fair view of the state of the group’ s  
and the parent company’s affairs as at  
30 June 2009 and of the group’s result 
for the year then ended;
•  the group financial statements have 
been properly prepared in accordance 
with IFRSs as adopted by the European 
Union; 
•  the parent company financial statements 
have been properly prepared in 
accordance with United Kingdom 
Generally Accepted Accounting Practice; 
and
•  the financial statements have been 
prepared in accordance with the 
requirements of the Companies Act 
2006.
Opinion on other matter prescribed by 
the Companies Act 2006
In our opinion;
•  the part of the directors’ remuneration 
report to be audited has been properly 
prepared in accordance with the 
Companies Act 2006; and
•  the information given in the directors’ 
report for the financial year for which 
the financial statements are prepared is 
consistent with the financial statements.
Matters on which we are required to 
report by exception
We have nothing to report in respect of the 
following matters where the Companies 
Act 2006 requires us to report to you if,  
in our opinion:
•  adequate accounting records have not 
been kept by the parent company, or 
returns adequate for our audit have not 
been received from branches not visited 
by us; or
•  the parent company financial 
statements and the part of the directors’ 
remuneration report to be audited are 
not in agreement with the accounting 
records and returns; or
•  the parent company financial statements 
are not in agreement with the accounting 
records and returns; or
•  certain disclosures of directors’ 
remuneration specified by law are not 
made; or
•  we have not received all the information 
and explanations we require for our 
audit.
Nicholas Whitaker  
(Senior statutory auditor) 
for and on behalf of PKF (UK) LLP , 
Statutory auditors
London
12 August 2009 20 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 21 20 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 21
Consolidated Income Statement
For the year ended 30 June 2009 Note
2009
£
2008
£
Impairment write down – exploration costs 5, 12 (1,247,103) (988,095)
Administrative expenses (1,942,491) (2,342,974)
Operating loss (3,189,594) (3,331,069)
Gain on sale of subsidiary 6 1,196,511 –
Interest income 7 401,312 893,002
Finance costs 8 (6,052) (3,299)
Other gains and losses 9 90,301 30,880
Loss from continuing activities before taxation (1,507,522) (2,410,486)
T axation 10 – –
Net loss from continuing activities attributable  
to equity holders of the parent (1,507,522) (2,410,486)
Loss per ordinary share (pence)
– Basic and diluted 11 (0.5) (0.8) 22 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 23 22 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 23
Consolidated Balance Sheet
As at 30 June 2009 Note
2009
£
2008
£
Assets
Non-current assets
Intangible exploration assets and evaluation assets 12 27,243,387 38,204,540
Property, plant and equipment
– oil and gas assets 13 4,149,180 –
– other 13 24,523 57,240
Investments  14 50,000 50,000
31,467,090 38,311,780
Current assets
Other receivables 15 343,834 3,464,363
Restricted cash 17 – 4,254,013
Cash and cash equivalents 17 5,405,072 14,526,541
5,748,906 22,244,917
Asset held for sale – Breagh 16 18,775,092 –
T otal assets 55,991,088 60,556,697
Liabilities  
Current liabilities
Trade and other payables 18 1,829,703 5,764,657
Non-current liabilities
Provisions  19 1,158,434 975,000
Deferred taxation 20 2,872,582 3,591,511
4,031,016 4,566,511
Liabilities directly associated with assets classified as held for sale 16 954,416 –
T otal liabilities 6,815,135 10,331,168
Net assets 49,175,953 50,225,529
Equity   
Equity attributable to equity holders of the parent
Called up share capital 22 16,443,186 16,443,186
Share premium 37,798,714 37,798,714
Other reserve 266,908 266,908
Foreign currency translation reserve (316,893) (303,875)
Accumulated losses (5,015,962) (3,979,404)
T otal equity 49,175,953 50,225,529
Approved and authorised for issue by the Board on 12 August 2009, and signed on its behalf:
Alan Booth     Eugene Whyms 
Chief Executive Officer    Chief Financial Officer 22 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 23 22 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 23
Consolidated Cash Flow Statement
For the year ended 30 June 2009 Note
2009
£
2008
£
Cash flows from operating activities 
Loss before taxation (1,507,522) (2,410,486)
Depreciation 13 25,842 29,142
Share based remuneration charges 2 470,964 547,445
Exploration write off 5, 12 1,247,103 988,095
Items shown as financing and investing activities (1,690,704) (920,003)
Operating cash flow prior to working capital (1,454,317) (1,765,807)
Corporation tax payments – –
Working capital adjustments (398,587) 1,727,925
Cash used in operations (1,852,904) (37,882)
Cash flows from investing activities
Purchase of intangible exploration and evaluation assets (13,265,889) (14,982,704)
Purchase of field under development assets (1,428,086) –
(Increase)/decrease in restricted cash 3,913,542 (2,623,652)
Purchase of property, plant and equipment (4,698) (62,537)
Proceeds from sale of tangible assets 13 12,328 2,080
Proceeds from sale of intangible assets – 944,193
Proceeds from sale of subsidiary 2,999,317 –
Interest received 411,119 957,261
Net cash used in investing activities (7,362,367) (15,765,359)
Cash flows from financing activities
Shares issued – 12,393,235
Interest paid and bank charges (2,452) (3,878)
Net cash (used)/generated by financing activities (2,452) 12,389,357
Net decrease in cash and cash equivalents (9,217,723) (3,413,884)
Cash and cash equivalents at start of year 14,526,541 17,967,096
Foreign currency translation difference 96,254 (26,671)
Cash and cash equivalents at end of year 17 5,405,072 14,526,541 24 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 25 24 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 25
Consolidated Statement of Changes in Equity
Attributable to parent company equity holders
For the year ended 30 June 2009
Equity share 
capital
£
Share 
premium
£
Other 
reserve
£
Foreign 
currency 
translation 
reserve
£
Accumulated 
losses
£
T otal 
equity
£
T otal as at 1 July 2007 14,632,742 27,215,923 266,908 (327,607) (2,116,363) 39,671,603
Year to 30 June 2008
Loss for the year – – – – (2,410,486) (2,410,486)
Currency translation – – – 23,732 – 23,732
T otal income and expenses for the year – – – 23,732 (2,410,486) (2,386,754)
Shares issued for cash 1,736,111 10,763,889 – – – 12,500,000
Expenses of issue – (505,564) – – – (505,564)
New shares issued in respect of  
  employee share options 74,333 324,466 – – – 398,799
Share option expense – – – – 547,445 547,445
T otal as at 30 June 2008 16,443,186 37,798,714 266,908 (303,875) (3,979,404) 50,225,529
Year to 30 June 2009
Loss for the year – – – – (1,507,522) (1,507,522)
Currency translation – – – 29,719 – 29,719
Realised on sale of subsidiary – – – (42,737) – (42,737)
T otal income and expenses for the year – – – (13,018) (1,507,522) (1,520,540)
Share option expense – – – – 470,964 470,964
T otal as at 30 June 2009 16,443,186 37,798,714 266,908 (316,893) (5,015,962) 49,175,953
The foreign currency translation reserve was used to record exchange differences arising from the translation of the financial statements of subsidiaries that were 
denominated in currencies other that GB Pounds. One of these subsidiaries has been sold and the other has changed to a functional currency of GB Pounds.
The other reserve arose on the reverse acquisition of Oil Quest Resources plc by the EnCore Group in March 2006.
At 30 June 2009 accumulated losses includes £612,604 attributable to EnCore (SNS) Limited which was contracted to be sold in July 2009. 24 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 25 24 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 25
Notes to the Group Financial Statements
Accounting policies
Basis of preparation and statement of compliance with IFRS
The Group’s financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and with 
those parts of the Companies Act 2006 applicable to companies reporting under IFRS. IFRS comprises the Standards issued by the 
International Accounting Standards Board (IASB) and Interpretations issued by the International Financial Reporting Interpretations 
Committee (IFRIC) that have been endorsed by the European Union (EU).
The principal accounting policies adopted by the Group and by the Company where applicable are set out below.
Adoption of new and revised standards
In the current year, two Interpretations issued by the International Financial Reporting Interpretations Committee are effective for 
the current period. These are: IFRIC 11 IFRS 2 – Group and Treasury Share Transactions and IFRIC 14 IAS 19 – The Limit on a 
Defined Benefit Asset, Minimum Funding Requirements and their Interaction. The adoption of these Interpretations had not led to 
any changes in the Group’ s accounting policies. At the date of authorisation of these financial statements, the following relevant new 
standards and interpretations which have not been applied in these financial statements were in issue but not yet effective:
IFRS 1 Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate
IFRS 2  Share-based payments (revised 2008)
IFRS 3  Business combination (revised 2008)
IFRS 8  Operating segments
IAS 1  Presentation of financial statements (revised 2007)
IAS 23  Borrowing costs (revised 2007)
IAS 27  Consolidated and separate financial statements (revised 2008)
IAS 32  Financial Instruments: Presentation (revised 2008)
IFRIC 12  Service concession arrangements
IFRIC 15  Agreements for the Construction of Real Estate
IFRIC 16  Hedges of a Net Investment in a Foreign Operation
The Directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on  
the financial statements of the Group except for:
• additional segment disclosures when IFRS 8 comes into effect for periods commencing on or after 1 January 2009;
•  treatment of acquisition of subsidiaries when IFRS 3 comes into effect for business combinations for which the acquisition date  
is on or after the beginning of the first annual period beginning on or after 1 July 2009;
• disclosure changes when IAS 23 (revised 2007) comes into effect for periods commencing on or after 1 January 2009.
Going concern basis
The financial statements have been prepared on a going concern basis.
The Group’s net cash used in investing activities of some £7.4m in the year under review is substantially in excess of the cash 
generated from operations. However, much of this cash was spent progressing the Breagh project, which was subsequently 
contracted to be sold in July 2009 for $68.8 million.
The Directors have prepared financial forecasts for the period through to August 2010 based on the assumptions that the Breagh 
disposal proceeds will be received in 2009 and that no further external funds being raised. After due consideration of these forecasts 
and current cash resources (year end some £5.4m available cash) the Directors are of the view that the Group has adequate financial 
resources to meet its liabilities as they fall due for the foreseeable future and for the period of at least 12 months from the date of 
authorisation of these financial statements.
Basis of consolidation
The Group financial statements consolidate the financial statements of EnCore Oil plc and the entities it controls (its subsidiaries) 
drawn up to 30 June each year.
The financial statements of subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting 
policies. All inter-company balances and transactions, including unrealised profits arising from them, are eliminated.
Acquisitions
The acquisition of subsidiaries is accounted for using the purchase method. The cost of the acquisition is measured at the aggregate 
of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group 
in exchange for control of the acquiree, plus any costs directly attributable to the business combination. The acquiree’ s identifiable 
assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the 
acquisition date. Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being the excess of the cost 
of the business combination over the Group’ s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities 
recognised. Goodwill is tested for impairment on an annual basis.
If after reassessment, goodwill is deemed to be impaired it is recognised immediately in the Income Statement as a cost. 26 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 27 26 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 27
Notes to the Group Financial Statements continued
Accounting policies continued
Expenditure on the discovery, appraisal, development and utilisation of oil and gas reserves
The Group accounts for oil and gas expenditure under the successful efforts method of accounting.
Costs incurred prior to obtaining the legal rights to explore an area are expensed immediately to the Income Statement.
All licence acquisition, exploration and evaluation costs are initially capitalised in cost centres by well, field or exploration area, as 
appropriate. Directly attributable administration costs are capitalised insofar as they relate to specific exploration and development 
activities.
These costs are written off unless commercial reserves have been established or the determination process has not been completed 
and there are no indications of impairment. IFRS 6 defines examples of triggering events that might lead management to conclude 
that impairment of an exploration and evaluation asset has occurred. Any identified impairment is charged immediately to the income 
statement.
If a project is deemed commercial all of the attributable costs are transferred into a single field cost centre within property, plant and 
equipment. These costs are then depreciated from the commencement of production on a unit of production basis.
Decommissioning
Provision for decommissioning is recognised in full as an asset and liability when the obligation arises. The asset is included within 
exploration and evaluation assets or property, plant and equipment as is appropriate. The liability is included within provisions. 
The amount recognised is the estimated cost of decommissioning, discounted where appropriate to its net present value, and is 
reassessed each year in accordance with local conditions and requirements. Revisions to the estimated costs of decommissioning 
which alter the level of the provisions required are also reflected in adjustments to the decommissioning asset.
Property, plant and equipment – excluding development and producing assets
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. 
Depreciation is provided on all property, plant and equipment categories at rates calculated to write off the cost, less estimated 
residual value based on prices prevailing at the balance sheet date, of each asset evenly over its expected useful life as follows:
Leasehold improvements  over life of lease
Vehicles    over three years
Fixtures and equipment  over three years
Computer hardware and software over three years
The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate 
the carrying value may not be recoverable. Useful lives are reviewed annually.
Financial instruments
Financial assets
Investments
Unlisted investments are stated at the lower of cost and likely realisable value.
Amounts owed from Joint Venture Partners
Amounts owed from Joint Venture Partners are measured at initial recognition at their fair value. Appropriate allowances for estimated 
irrecoverable amounts are recognised in the Income Statement when there is objective evidence that the asset is impaired.
Cash and cash equivalents
Cash and short-term deposits in the Balance Sheet comprise cash at banks and in hand and short-term deposits with an original 
maturity of three months or less.
The cash and cash equivalent amount in the Cash Flow Statement includes overdraft facilities.
Asset held for resale
Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through  
a sale transaction rather then continuing use. This condition is regarded as met only when a sale is highly probable and the asset  
(or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale which should 
be expected to qualify for recognition as a completed sale within one year from the date of classification. Disposal groups are groups 
of assets, and liabilities directly associated with those assets, that are to be disposed of together as a group in a single transaction.
Non-current assets (and disposal groups) classified as held for sale are initially measured at the lower of carrying value and fair value 
less costs to sell. 26 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 27 26 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 27
Accounting policies continued
Financial liabilities
Trade payables
Trade payables are initially stated at their fair value and subsequently accounted for at amortised cost.
Financial liabilities and equity
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.  
An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. 
Equity instruments issued by the Company are recorded at the proceeds received net of direct issue costs.
Leases
Leases where the lessor retains substantially all the risks and benefits of ownership of the asset are classified as operating leases  
and rentals payable are charged in the Income Statement on a straight line basis over the lease term. 
Joint ventures
The Group is engaged in oil and gas exploration and appraisal through unincorporated joint ventures. The Group accounts for its 
share of the results and net assets of these joint ventures as jointly controlled assets. In addition, where EnCore acts as operator to 
the joint venture, the gross liabilities and receivables (including amounts due to or from non-operating partners) of the joint venture  
are included in the Group Balance Sheet.
T axation
Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted at the balance sheet date.
Deferred tax liabilities are recognised for all taxable temporary differences between the carrying amounts of assets and liabilities in the 
financial statements and the corresponding tax bases used in the computation of taxation and is accounted for using the balance 
sheet liability method.
Deferred tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the 
deductible temporary differences, carried forward tax credits or tax losses can be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply when the related asset is realised or liability 
is settled, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Deferred tax is provided on temporary differences arising on acquisitions that are categorised as Business Combinations. Deferred 
tax is recognised at acquisition as part of the assessment of the fair value of assets and liabilities acquired. Any deferred tax is 
charged or credited in the Income Statement as the underlying temporary difference is reversed.
Pensions and other post-retirement benefits
The Group does not operate any pension plans. The Group makes contributions to employees’ private pension plans of 15 per cent. 
of the employee’ s gross salary. These contributions are charged as an expense as they fall due.
Share-based payments
Equity settled transactions
The Group has applied the requirements of IFRS 2 Share Based Payments. In accordance with the transitional provisions of that 
standard, only those awards that were granted after 7 November 2002, and had not vested at 1 July 2005, are included.
All share-based awards of the Company are equity-settled transactions as defined by IFRS 2. The cost of equity-settled transactions 
with employees is measured by reference to the fair value at the date at which they are granted and is recognised as an expense 
over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. Fair value is 
determined using an appropriate pricing model. The only vesting condition is that employees remain in employment of the Group 
during the vesting period.
The Company is liable for Employer’ s National Insurance on the difference between the market value at date of exercise and the 
exercise price. The expense is accrued by reference to the share price of the Company at the balance sheet date.
The movement in cumulative expense since the previous balance sheet date is recognised in the Income Statement, with  
a corresponding entry in equity. 28 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 29 28 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 29
Notes to the Group Financial Statements continued
Accounting policies continued
Foreign currency translation
Operating companies
Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange rate ruling at the date of 
the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of 
exchange ruling at the balance sheet date. All differences are taken to the Income Statement. Non-monetary items that are measured 
in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions.  
Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair 
value was determined.
Consolidation
The assets and liabilities of foreign operations are translated at the rate of exchange ruling at the balance sheet date. Income and 
expenses are translated at weighted average exchange rates for the period. The resulting exchange differences are taken directly to 
a separate component of equity. On disposal of a foreign entity, the deferred cumulative amount recognised in equity relating to that 
particular foreign operation is recognised in the income statement.
Use of estimates when preparing the annual financial statements
Preparation of the consolidated financial statements in accordance with IFRS requires management to make estimates and 
assumptions affecting recognition and measurement in the consolidated Balance Sheet and Income Statement, as well as the 
disclosure of contingent assets and liabilities. Future events may lead to these estimates being changed. In particular, estimates  
are required when:
• Assessing the need for and measurement of impairment of oil and gas assets (tangible and intangible)
• Determining the fair value of share based payments
• Estimating decommissioning liabilities (Note 19)
• Financial risk management
Oil and gas assets
Management is required to assess the oil and gas assets for indicators of impairment. Note 13 discloses the carrying value of tangible 
oil and gas assets. As part of this assessment, management has carried out an impairment test (ceiling test) on the tangible asset 
(Ceres). This test compares the carrying value of the assets at the balance sheet date with the expected discounted cash flow from 
the project. For the discounted cash flows to be calculated, management has used a production profile based on its best estimate  
of proven and probable reserves of the asset and a range of assumptions, including gas prices and a discount rate.
Intangible assets
The Group determines whether intangible assets are impaired at least on an annual basis. This requires an estimation of the value in 
use of the asset. Estimating the value in use requires the Group to make an estimate of the expected future cash flows from the asset 
and also to choose a suitable discount rate in order to calculate the present value of those cash flows.
Share-based payments
Determining the fair value of share-based payments requires assumptions in respect of the inputs used in the option pricing model. 
Details can be found in note 3.
Decommissioning 
The Group determines decommissioning liabilities by making assumptions, based on the current economic environment, which 
management believe are a reasonable basis upon which to estimate the future liability. These estimates are reviewed regularly 
to take into account any material changes to assumptions. However, the actual decommissioning cost will ultimately depend 
upon future market prices for the necessary decommissioning works required which will reflect market conditions at the relevant 
time. Furthermore, actual costs will also reflect the extent of decommissioning work required to be performed, whether the 
decommissioning works can be performed as part of a multi well programme or in isolation and progress in decommissioning 
technologies.
Financial risk management 
In respect of financial risk management, at the balance sheet date, the Group’s principal financial assets are cash and cash 
equivalents, amounts due from Joint Venture Partners and other receivables.
The Group manages liquidity risk by ensuring that sufficient funds are available to meet its commitments as they fall due. The Group 
uses projected cash flows to monitor funding requirements for the Group’ s activities. 
The Group exposure to the risk of changes in market interest rates is mitigated by regular reviews of available fixed and variable rate 
deposit rates. Management also monitor bank credit risk, currently all cash and cash equivalents are deposited with the Royal Bank 
of Scotland. 28 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 29 28 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 29
1. Segment information
The primary segment reporting format is determined to be geographical segments as the Group’ s risks and rates of return are 
affected predominantly by the economic and market conditions present in each of the geographical areas in which the Group 
operates. The Group’ s geographical segments are based on the location of the Group’ s assets. The operations of the Group 
comprise one class of business, being oil and gas exploration, development and production consequently there are no secondary 
segments.
Primary reporting format – geographical segments
The following tables present the loss and certain asset and liability information regarding the Group’ s geographical segments for the 
year ended 30 June 2009 and for the year ended 30 June 2008. 
2009
UK
Onshore
£
UK
Offshore
£
Overseas
£
Unallocated
£
T otal
£
Impairment write down – exploration costs (59,952) (1,187,151) – – (1,247,103)
Administrative expenses (207,818) (831,275) (207,819) (695,579) (1,942,491)
Operating loss (267,770) (2,018,426) (207,819) (695,579) (3,189,594)
Gain on sale of subsidiary – – – 1,196,511 1,196,511
Finance income – – – 401,312 401,312
Finance costs – – – (6,052) (6,052)
Other gains and losses – foreign currency gains – – – 90,301 90,301
Loss before taxation (267,770) (2,018,426) (207,819) 986,493 (1,507,522)
T axation  – – – – –
Net loss (267,770) (2,018,426) (207,819) 986,493 (1,507,522)
T otal assets  7,691,534 35,068,429 7,589,579 5,641,546 55,991,088
T otal liabilities 1,164,883 5,055,258 – 594,994 6,815,135
Other segment information
Intangible exploration and evaluation assets 7,691,534 11,962,274 7,589,579 – 27,243,387
Property, plant and equipment
– oil and gas assets – 4,149,180 – – 4,149,180
– other – – – 24,523 24,523
7,691,534 16,111,454 7,589,579 24,523 31,417,090
Capital expenditure
Intangible exploration and evaluation assets 404,610 12,654,379 206,900 – 13,265,889
Property, plant and equipment
– oil and gas assets – 1,428,086 – – 1,428,086
– other – – – 4,698 4,698
404,610 14,082,465 206,900 4,698 14,698,673 30 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 31 30 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 31
Notes to the Group Financial Statements continued
1. Segment information continued
2008
UK
Onshore
£
UK
Offshore
£
Overseas
£
Unallocated
£
T otal
£
Impairment write down – exploration costs (36,019) (952,076) – – (988,095)
Administrative expenses (212,678) (832,897) (20,751) (1,276,648) (2,342,974)
Operating loss (248,697) (1,784,973) (20,751) (1,276,648) (3,331,069)
Other gains and losses – foreign currency gains/(losses) – (70,737) (143) 101,760 30,880
Finance revenue – 789 – 892,213 893,002
Finance costs – (476) (715) (2,108) (3,299)
Loss before taxation (248,697) (1,855,397) (21,609) (284,783) (2,410,486)
T axation  – – – – –
Net loss (248,697) (1,855,397) (21,609) (284,783) (2,410,486)
T otal assets 7,276,640 25,450,868 9,206,903 18,622,286 60,556,697
T otal liabilities 1,164,883 8,853,572 – 312,713 10,331,168
Other segment information
Intangible exploration and evaluation assets 7,346,876 21,650,761 9,206,903 – 38,204,540
Property, plant and equipment
– oil and gas assets – – – – –
– other – – – 57,240 57,240
7,346,876 21,650,761 9,206,903 57,240 38,261,780
Capital expenditure
Intangible exploration and evaluation assets 188,329 9,739,837 4,951,418 – 14,879,584
Property, plant and equipment
– oil and gas assets – – – – –
– other – – – 62,537 62,537
188,329 9,739,837 4,951,418 62,537 14,942,121
Unallocated income, expenditure, assets and liabilities relate to the general management, financing and administration of the Group 
and are not specifically attributable to a geographic area. Overseas includes Ireland, France, the Netherlands and Western Sahara.
2. Employee benefits
Company and Group
2009
£
2008
£
Salaries 1,374,125 1,388,944
Share based remuneration charges 470,964 547,445
Social security costs 166,066 173,846
Social security costs on share options (Note 1) (174,034) 182,687
Pension costs 192,958 187,137
Other payments 90,462 59,219
Gross staff costs 2,120,541 2,539,278
Capitalised or recharged to joint venture partners (734,026) (721,816)
Net staff costs in the Income Statement 1,386,515 1,817,462
Note 1: The credit for the year ended 30 June 2009 reflects the release of Social Security provisions no longer required. These provisions were previously made against 
unrealised gains on share options largely during the year to 30 June 2008.
The average number of employees for the Company and Group in the year to 30 June 2009 was 11 (year to 30 June 2008: 11). 30 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 31 30 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 31
2. Employee benefits continued
A proportion of the Group’ s staff costs shown above is capitalised into the cost of fixed assets, under the Group’ s accounting policy 
for exploration and evaluation assets. In addition certain staff costs are charged to joint venture partners on a time allocation basis  
in respect of work done in the period.
Details of Directors’ Remuneration, Directors’ Transactions and Directors’ Interests are set out in the part of the Directors’ 
Remuneration Report described as having been audited and form part of these financial statements.
3. Share-based remuneration charges
All employee share-option plan
The all employee share option plan is a grant of share options to all eligible employees on appointment and periodically thereafter.  
The share options are issued at market price on the grant date. The share options vest in equal amounts on the first, second and 
third anniversaries after the grant date and must be exercised within 5 years of the grant date or forfeited.
The expense recognised for share-based payments in respect of employee services received during the year to 30 June 2009 is 
£470,964 (year to 30 June 2008: £540,896). At 30 June 2009 the provision for employer social security costs that would arise on  
the exercise of share options is £10,289 (30 June 2008: £184,323). 
The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during 
the year.
2009
No.
2009
WAEP
2008
No.
2008
WAEP
Opening balance 16,913,336 24.69 17,460,000 25.29
Granted during the year 9,740,000 8.68 940,000 16.76
Exercised/lapsed during the year (546,668) 23.63 (1,486,664) 26.83
Outstanding at 30 June 26,106,668 18.74 16,913,336 24.69
The weighted average remaining contractual life of share options outstanding as at 30 June 2009 is 3.25 years (2008: 3.4 years).  
At 30 June 2009 16,366,668 (2008: 8,113,335) of the total number of share options outstanding could be exercised and these 
options had a weighted average exercise of 24.72 pence (2008: 28.5 pence).
The range of exercise prices for options outstanding at the end of the year was between 8.5 pence and 53.75 pence. 
The fair value of equity-settled share options granted is estimated as at the date of grant using a Black-Scholes option pricing model, 
taking into account the terms and conditions upon which the options were granted. The following table lists the inputs to the model 
used for the years ended 30 June 2009 and 30 June 2008.
2009 2008
Dividend yield (%) – –
Expected share price volatility (%) 85 60
Risk-free interest rate (%) 0.5 4.5
Expected life of option (years) 2 2
The expected life of the options is based on management’ s assumption of behavioural patterns and is not necessarily indicative of 
exercise patterns that may occur.
Due to the very short trading history of EnCore Oil plc, the expected volatility used in option valuation calculations up to 31 January 
2009 was determined by calculating the volatility of the Group since the acquisition and a sample of AIM listed oil and gas companies 
with a similar market capitalisation and operational risks to the Group, but a longer trading history. The actual rate used was an 
approximation to the average of these results. Since that date we have used the volatility calculated for EnCore Oil plc shares.
No other features of options grant were incorporated into the measurement of fair value.
Third party share options
In April 2005 the Company issued 200,000 share options to a third party company as compensation for professional services 
received. The share options have an exercise price of 23.5 pence. The fair value of the services received was £26,200. The share 
options expire in April 2010.
The expense recognised during the year to 30 June 2009 in respect of share based payments to third parties is £Nil (30 June 2008: 
£6,549). 32 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 33 32 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 33
Notes to the Group Financial Statements continued
4. Auditors’ remuneration
2009 
£
2008 
£
Fees payable to the Company’s auditor for the audit  
   of the Company and consolidated financial statements 30,000 33,750
Fees payable to the Company’ s auditor for other services
– audit of Company’ s subsidiaries pursuant to legislation 21,000 11,250
– other services pursuant to legislation 12,750 39,000
T otal auditors’ remuneration 63,750 84,000
The auditors’ remuneration is shown net of VAT .
5. Impairment write down – exploration costs
2009
£
2008
£
Exploration costs 1,247,103 988,095
T otal impairment write down – exploration costs 1,247,103 988,095
The amount written off during the year principally relate to the costs accumulated on the Esmond/Gordon Gas Storage project, 
£524,140, together with costs accumulated on licences/blocks that have or are to be relinquished. All costs relates to UK Onshore 
and Offshore interests.
6. Gain on sale of subsidiary
Analysis of gain on sale of EnCore Nederland B.V . £
Sale consideration 3,046,747
Less deductions:
Expenses of sale (47,430)
Net assets at sale
Intangible oil and gas exploration assets (1,831,107)
Working capital balances (14,436)
(1,845,543)
Transfer from foreign currency translation reserve 42,737
Gain on sale 1,196,511
In September 2008 the Company sold its wholly owned subsidiary EnCore Oil Nederland B.V ., whose only asset was a 10 per cent. 
interest in the Amstel field offshore Netherlands for consideration of US$5.5 million, paid in cash. The purchaser was TAQA Energy 
B.V .. It is anticipated that no tax liability will arise on the sale.
7. Interest income
2009
£
2008
£
Bank interest receivable 401,312 893,002
T otal interest income 401,312 893,002
8. Finance costs
2009
£
2008
£
Bank charges 2,452 3,299
Unwinding of discount on decommissioning provision 3,600 –
T otal finance costs 6,052 3,299 32 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 33 32 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 33
9. Other gains and losses
2009
£
2008
£
Foreign currency gains 89,585 30,880
Gain on sale of tangible fixed assets 716 –
T otal other gains and losses 90,301 30,880
10. T axation
The Group has a Nil tax charge in the current and previous financial years. The loss per the income statement can be reconciled to 
the overall tax charge as follows:
2009
£
2008
£
Pre-tax loss (1,507,522) (2,410,486)
T ax at the UK corporate tax rate of 28% (2008: 28%) (422,106) (674,937)
T ax effect of items which are not deductible/chargeable for tax (204,032) 166,099
Excess of potential capital allowances over depreciation (3,663,252) (3,702,495)
Increase in UK tax losses not recognised 4,289,390 4,211,333
T ax charge/(credit) for the year – –
At the balance sheet date the group has a potential deferred tax asset of approximately £11.4 million (30 June 2008: £7.5 million)  
in respect of non-capital tax losses that will be available when the group’ s upstream assets are developed. The potential deferred tax 
asset at 30 June 2009 includes approximately £4.5 million in respect of the Breagh asset which was contracted to be sold in July 
2009, see note 23 to the accounts. 
11. Loss per ordinary share
The calculation of basic loss per share is based on the loss for the year after taxation of £1,507,522 (2008: £2,410,486) and 
307,360,839 ordinary shares (2008: 289,769,310), being the weighted average number of shares in issue for the year. As there  
is a loss for the year, there is no difference between the basic and diluted earnings per share.  34 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 35 34 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 35
Notes to the Group Financial Statements continued
12. Intangible assets – exploration and evaluation fixed assets
UK Onshore
£
UK Offshore
£
Other
£
T otal
£
Cost:
At 1 July 2007 7,143,381 14,044,298 4,130,497 25,318,176
Additions 227,764 9,692,334 4,959,486 14,879,584
Currency translation adjustments 6,531 5,054 116,920 128,505
At 30 June 2008 7,377,676 23,741,686 9,206,903 40,326,265
Additions   404,610 12,654,379 206,900 13,265,889
Reclassified to asset held for sale – (18,434,621) – (18,434,621)
Transfer to tangible oil assets – (2,721,094) – (2,721,094)
Disposal of subsidiary – – (1,831,107) (1,831,107)
Currency translation adjustments – – 6,883 6,883
At 30 June 2009 7,782,286 15,240,350 7,589,579 30,612,215
Accumulated amortisation:
At 1 July 2007 – 1,126,307 – 1,126,307
Impairment write down 30,800 957,295 – 988,095
Currency translation adjustments – 7,323 – 7,323
At 30 June 2008 30,800 2,090,925 – 2,121,725
Impairment write down 59,952 1,187,151 – 1,247,103
Currency translation adjustments – – – –
At 30 June 2009 90,752 3,278,076 – 3,368,828
Net book value at 30 June 2009 7,691,534 11,962,274 7,589,579 27,243,387
Net book value at 30 June 2008 7,346,876 21,650,761 9,206,903 38,204,540
The amounts for intangible exploration and evaluation assets represent active exploration projects. These amounts will be written 
off to the Income Statement as exploration costs unless commercial reserves are established or the determination process is not 
completed and there are no indications of impairment. The outcome of ongoing exploration, and therefore whether the carrying value 
of Exploration and Evaluation assets will ultimately be recovered, is inherently uncertain.
Exploration costs impaired principally comprised costs associated with UK North Sea licences where the licence has or will be 
relinquished. 
13. Property, plant and equipment
Oil and gas assets
Development
£
Cost:
At 30 June 2008 –
Transfer from intangible assets 2,721,094
Additions 1,428,086
At 30 June 2009 4,149,180
Accumulated amortisation:
At 30 June 2008 –
Impairment write down –
At 30 June 2009 –
Net book value at 30 June 2009 4,149,180
Net book value at 30 June 2008 –
Oil and gas assets at 30 June 2009 represents costs to date on the Ceres development, UK North Sea block 47/9c. The project 
received Field Development Plan approval in October 2008 and the cost at that date was transferred from Intangible assets to  
Oil and Gas assets see note 12. 34 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 35 34 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 35
13. Property, plant and equipment continued
Other property plant and equipment
Leasehold 
improvements
£
 
Vehicles
£
Fixtures and 
equipment
£
Computer 
hardware and 
software 
£
T otal
£
Cost:
At 1 July 2007 14,908 – 5,486 30,144 50,538
Additions – 62,537 – – 62,537
Disposals – (2,999) – – (2,999)
At 30 June 2008 14,908 59,538 5,486 30,144 110,076
Additions   – 4,200 – 498 4,698
Disposals – (18,417) – – (18,417)
At 30 June 2009 14,908 45,321 5,486 30,642 96,357
Accumulated depreciation:
At 1 July 2007 6,879 – 2,411 15,323 24,613
Depreciation charge for the year 5,119 12,114 1,834 10,075 29,142
Disposals – (919) – – (919)
At 30 June 2008 11,998 11,195 4,245 25,398 52,836
Depreciation charge for the year 2,910 17,230 1,209 4,493 25,842
Disposals – (6,844) – – (6,844)
At 30 June 2009 14,908 21,581 5,454 29,891 71,834
Net book value at 30 June 2009 – 23,740 32 751 24,523
Net book value at 30 June 2008 2,910 48,343 1,241 4,746 57,240
14. Investments
2009
£
2008
£
Unlisted investments
Oil Barrel.com 50,000 50,000
50,000 50,000
The Group holds 50,000 preference shares in Oil Barrel.com a subsidiary of Rivington Street Holdings plc, a listed company.  
Fair value at 30 June 2009 and 2008 is £50,000.
15. Other receivables
2009
£
2008
£
Prepayments 72,131 83,196
Amounts owed from joint venture partners 91,785 2,990,399
Sundry 133,949 299,557
VAT recoverable 45,969 91,211
343,834 3,464,363
16. Asset held for sale
As at 30 June 2009 the Group classified its share of UK Offshore Licence P1230 containing block 42/13 Breagh; and Licences 
P1327 and P1328 containing further Breagh area blocks 42/8 42/9 42/14 and 42/12a as non-current assets held for sale. These 
interests are jointly held by two 100% owned subsidiary companies. The Group reported these items as assets held for sale and 
valued them at the lower of their carried amount or fair value, less costs to sell, which did not lead to an impairment loss in the year  
to 30 June 2009. Agreements to sell these interests were subsequently signed in late July 2009 see Post Balance Sheet events  
note 23 for further details. 36 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 37 36 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 37
Notes to the Group Financial Statements continued
16. Asset held for sale continued
2009
£
Intangible asset 18,434,621
Restricted cash 340,471
Asset held for sale 18,775,092
Accruals (235,487)
Deferred taxation (718,929)
Liabilities directly associated with assets classified as held for sale (954,416)
17,820,676
17. Cash and cash equivalents
2009
£
2008
£
Cash at bank and in hand 5,405,072 14,526,541
Cash at bank earns interest at floating rates based on daily bank deposit rates and fixed interest through the limited use of short term 
deposits. At 30 June 2009, the Group did not have any committed borrowing facilities.
At 30 June 2009 cash was held with the following financial institutions:
 
 2009
£
Royal Bank of Scotland 5,404,681
Petty cash 391
5,405,072
Interest rate and currency risk
The interest rate and currency profile of the Group’ s financial assets and liabilities at 30 June 2009 and 30 June 2008 was as follows:
Sterling
£
Euro
£
US Dollar
£
T otal
£
At 30 June 2009
Cash at bank at floating interest rate 3,354,236 37,214 13,231 3,404,681
Cash on deposit at fixed rate interest 2,000,000 – – 2,000,000
Petty cash 307 – 84 391
5,354,543 37,214 13,315 5,405,072
At 30 June 2008
Cash at bank at floating interest rate 6,227,242 14,868 162,218 6,404,328
Cash at bank at which no interest is received 8,121,666 – – 8,121,666
Petty cash 477 – 70 547
14,349,385 14,868 162,288 14,526,541
Restricted cash
2009
£
2008
£
Cash held in escrow – 2,165,748
Cash deposited as security against a Standby Letter of Credit – 2,088,265
– 4,254,013
At 30 June 2008 £2,165,748 of cash was held in escrow accounts under arrangements with drilling contractors relating to the 
Group’ s share of the cost of wells being or about to be drilled. These escrow accounts have now largely been drawn down in making 
invoice payments. The balance remaining in escrow accounts at 30 June 2009 relates entirely to operations on the Breagh prospect, 
which was contracted to be sold in July 2009, consequently this restricted cash is shown within Asset held for sale see note 16.
At 30 June 2008 £2,088,265 was deposited with The Royal Bank of Scotland as security for a Short term Letter of Credit which 
expired in July 2008. The funds and accumulated interest were returned to the Group. 36 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 37 36 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 37
18. Trade and other payables
2009
£
2008
£
Trade payables 326,529 1,746,550
PAYE and Social Security 63,594 242,001
Accruals 1,324,935 3,689,379
Pension contributions 21,248 23,820
Amounts due to joint venture partners 90,044 16,015
Other 3,353 46,892
1,829,703 5,764,657
19. Provisions
£
Decommissioning provision at 30 June 2008 975,000
Provision in respect of Ceres development 179,834
Unwinding of discount on Ceres decommissioning provision 3,600
Decommissioning provision at 30 June 2009 1,158,434
At 30 June 2009 provision has been made for decommissioning costs relating to two UK North Sea interests. The provision for  
one near term liability has been based on an external estimate. A provision has been established during the year for amounts that 
are expected to be incurred in decommissioning the Ceres field in 2019. Assumptions, based on the current economic environment, 
have been made which management believe are a reasonable basis upon which to estimate the future liability. This estimate will 
be reviewed regularly to take into account any material changes to assumptions. However, the actual decommissioning cost will 
ultimately depend upon future market prices for the necessary decommissioning works required which will reflect market conditions 
at the relevant time. Furthermore, actual costs will also reflect the extent of decommissioning work required to be performed and 
whether the decommissioning works can be performed as part of a multi well programme or in isolation.
20. Deferred taxation
£
Deferred taxation at 30 June 2008 3,591,511
Transferred to asset held for resale (718,929)
Deferred taxation at 30 June 2009 2,872,582
The entire deferred taxation balance at 30 June 2009 and 2008 arose on the fair value adjustments to intangible oil and gas assets 
resulting from acquisitions in the year to 30 June 2007 and the period to 30 June 2006.
21. Obligations under leases
The Group has entered into a commercial lease on its head office property in London. This lease expires in January 2014 but has 
break clauses in year 2 and year 3. 
During the year to 30 June 2009 payments under commercial property leases amounted to £53,587 (30 June 2008: £49,050).
Future minimum lease payments under non-cancellable operating leases:
2009
£
2008
£
Within one year – 28,613
From one to five years 117,192 –
After five years – – 38 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 39 38 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 39
Notes to the Group Financial Statements continued
22. Equity structure
No. £
Authorised – ordinary shares of 5 pence each  500,000,000 25,000,000
Ordinary shares
Allotted, called up and fully paid
At 1 July 2006 204,885,286 11,319,409
Issued for acquisition 37,000,000 1,850,000
Issued for cash 29,166,666 1,458,333
Issued on exercise of share options 100,000 5,000
At 30 June 2007 271,151,952 14,632,742
Issued for cash 34,722,223 1,736,111
Issued on exercise of share options 1,486,664 74,333
At 30 June 2008 and 30 June 2009 307,360,839 16,443,186
Contingent rights to the allotment of shares
(a) Share options
The Company has granted share options to subscribe for 5 pence ordinary shares as follows:
Period exercisable
 
Exercise price per 
share (pence)
Number of 
options 
unexercised
20 April 2000 to 19 April 2010 31.25p 100,000
21 May 2003 to 20 May 2010 53.75p 500,000
13 April 2005 to 12 April 2015 23.5p 200,000
3 March 2006 to 2 March 2011 34p 5,913,334
12 June 2005 to 11 June 2011 22.75p 640,000
14 March 2007 to 13 March 2012 17.0p 7,433,334
29 June 2007 to 28 June 2012 19p 640,000
13 August 2007 to 12 August 2012 17p 640,000
30 September 2007 to 29 September 2012 16.25p 300,000
9 January 2009 to 8 January 2014 11.25p 640,000
5 March 2009 to 4 March 2014 8.5p 9,100,000
26,106,668
23. Post balance sheet events
In July 2009 it was announced that the Company had signed Sale and Purchase Agreements with RWE Dea UK SNS Limited  
(“RWE Dea”) for the sale of its 15 per cent. interest in the Breagh gas discovery on Block 42/13 and surrounding acreage in the UK 
Southern North Sea. RWE Dea will pay total cash consideration to EnCore of US$68.8 million, with the deal expected to complete  
in September 2009. There is not expected to be any tax payable by EnCore on the sale.
On completion of the deal and receipt of the sale proceeds, approximately 20 per cent. of the consideration (US$13 million to 
EnCore) will be placed in an interest bearing escrow account for 12 months as security against any potential warranty or indemnity 
claims by the purchaser. 
This transaction will be effected through the sale of the wholly owned subsidiary EnCore SNS Limited and the 1 per cent. interest  
held by EnCore Petroleum Limited.
24. Related party transactions
The transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation. 
The remuneration of the Directors, who are the key management personnel of the Group, is set out in the audited part of the 
Directors’ Remuneration Report on pages 17 and 18 of these accounts. 38 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 39 38 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 39
25. Commitments and contingent liabilities
2009
£
2008
£
Oil and gas expenditure:
Intangible exploration and evaluation assets 1,258,025 9,155,949
Contracted for 1,258,025 9,155,949
The above capital commitments represent EnCore’ s share of obligations in relation to its interests in joint ventures based on current 
licence interest levels. The amount committed at 30 June 2009 represents sums due to complete the development of UK North Sea 
Block 47/9c Ceres.
26. Financial instruments
(a) Fair values
Set out below is a comparison by class of carrying amounts and fair values of all the Group’ s financial instruments:
Carrying values Fair values
2009
£
2008
£
2009
£
2008
£
Financial assets
Cash and cash equivalents 5,405,072 14,526,541 5,405,072 14,526,541
Restricted cash – 4,254,013 – 4,254,013
Unlisted investments 50,000 50,000 50,000 50,000
Other receivables 225,734 3,289,956 225,734 3,289,956
Asset held for sale 340,471 – 340,471 –
6,021,277 22,120,510 6,021,277 22,120,510
Financial liabilities
Trade and other payables 1,744,861 5,498,836 1,744,861 5,498,836
Liabilities directly associated with assets classified as held for sale 235,487 – 235,487 –
1,980,348 5,498,836 1,980,348 5,498,836
(b) Foreign currency risk
A portion of the Group’s assets, liabilities, expenses and commitments are located overseas and therefore denominated in foreign 
currencies. However, these assets are not seen to represent a significant portion of any of these categories. As such the Group  
is not currently materially exposed to the risk of fluctuating exchange rates. At 30 June 2009 the Group held immaterial amounts  
of cash in US Dollars and Euros the exposure to foreign exchange fluctuations is insignificant.
In July 2009 the Group announced the sale of its interest in the Breagh discovery, see note 23. On completion the sum of $55.8 
million will be received with a further $13 million being received after a further 12 months. This will expose the Group to foreign 
exchange risk both on completion and thereafter if any of the proceeds continue to be held in any currency other than GBP .
(c) Credit risk
Portions of the Company’ s accounts receivable are with joint venture partners in the oil and gas industry and are subject to normal 
industry credit risks. The maximum exposure at the balance sheet date is £91,785 (2008: 2,990,399).
(d) Interest rate risk
The Company is exposed to interest rate risk to the extent that changes in market interest rates impact the Company’ s cash and 
cash equivalents that have a floating interest rate. At 30 June 2009 the Company had cash and cash equivalents of £5,405,072  
a one per cent. increase or decrease in the interest rate would increase or decrease finance income by £54,051 per annum.  
The Company had no interest rate swaps or hedges at 30 June 2009.
(e) Capital management
The Group manages its capital to ensure that it remains sufficiently funded to support its business strategy and maximise shareholder 
value. The Group’ s funding needs are met through a combination of equity and portfolio management. Capital includes share capital, 
share premium, other reserves and accumulated losses. 40 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 41 40 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 41
As at 30 June 2009 Note
2009
£
2008
£
Fixed assets
Intangible exploration and evaluation assets 4 321,159 196,194
T angible assets 5 24,523 57,240
Investments 3 17,272,580 17,285,230
17,618,262 17,538,664
Current assets
Debtors 6 35,989,422 26,442,171
Restricted cash – 2,088,265
Cash at bank and in hand 7 5,374,300 14,430,304
41,363,722 42,960,740
Creditors
Amounts falling due within one year 8 546,721 2,199,442
Net current assets 40,817,001 40,761,298
T otal assets less current liabilities 58,435,263 58,299,962
Capital and reserves
Called up share capital 9 15,368,041 15,368,041
Share premium 9 45,155,131 45,155,131
Profit and loss account 9 (2,087,909) (2,223,210)
Shareholders’ funds 58,435,263 58,299,962
Approved and authorised for issue by the Board on 12 August 2009, and signed on its behalf:
Alan Booth     Eugene Whyms 
Chief Executive Officer    Chief Financial Officer
Company Balance Sheet 40 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 41 40 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 41
Notes to the Company Financial Statements
Company accounting policies
Basis of preparation
The financial statements of the parent Company have been prepared under the historical cost convention in accordance with the 
Companies Act 2006 and UK Generally Accepted Accounting Principals (UK GAAP). The following paragraphs describe the main 
accounting policies under UK GAAP , which have been applied consistently.
In accordance with the provisions of Section 408 of the Companies Act the Profit and Loss Account and Cash Flow Statement of the 
Company is not presented separately. 
Going concern
The financial statements have been prepared on a going concern basis. 
The Group’s net cash used in investing activities of some £7.4m in the year under review is substantially in excess of the cash 
generated from operations. However, much of this cash was spent progressing the Breagh project, which was subsequently 
contracted to be sold in July 2009 for $68.8 million.
The Directors have prepared financial forecasts for the period through to August 2010 based on the assumptions that the Breagh 
disposal proceeds will be received in 2009 and that no further external funds being raised. After due consideration of these forecasts 
and current cash resources (year end some £5.4m available cash) the Directors are of the view that the Group has adequate financial 
resources to meet its liabilities as they fall due for the foreseeable future and for a period of at least 12 months from the date of 
authorisation of these financial statements.
Expenditure on the discovery, appraisal, development and utilisation of oil and gas reserves
The Company accounts for oil and gas expenditure under the successful efforts method of accounting.
Costs incurred prior to obtaining the legal rights to explore an area are expensed immediately to the Income Statement.
All licence acquisition, exploration and evaluation costs are initially capitalised in cost centres by well, field or exploration area, as 
appropriate. Directly attributable administration costs are capitalised insofar as they relate to specific exploration and development 
activities.
These costs are written off unless commercial reserves have been established or the determination process has not been completed 
and there are no indications of impairment.
If a project is deemed commercial all of the attributable costs are transferred into a single field cost centre within property, plant and 
equipment. These costs are then amortised from the commencement of production on a unit of production basis.
T angible assets
T angible assets are stated at cost less accumulated depreciation and accumulated impairment losses. 
Depreciation is provided on all tangible asset categories at rates calculated to write off the cost, less estimated residual value based 
on prices prevailing at the balance sheet date, of each asset evenly over its expected useful life.
Leasehold improvements  over life of lease
Vehicles    over three years
Fixtures and equipment  over three years
Computer hardware and software over three years
The carrying values of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying 
value may not be recoverable.
Investments
Fixed asset investments, including investments in subsidiaries, are stated at cost and reviewed for impairment if there are indications 
that the carrying value may not be recoverable. 42 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 43 42 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 43
Notes to the Company Financial Statements continued
Company accounting policies continued
T axation
Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted at the balance sheet date.
Deferred tax liabilities are recognised for all taxable temporary differences between the carrying amounts of assets and liabilities in  
the financial statements and the corresponding tax bases used in the computation of taxation and is accounted for using the balance 
sheet liability method.
Deferred tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the 
deductible temporary differences, carried forward tax credits or tax losses can be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply when the related asset is realised or liability 
is settled, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Deferred tax is provided on temporary differences arising on acquisitions that are categorised as Business Combinations. Deferred 
tax is recognised at acquisition as part of the assessment of the fair value of assets and liabilities acquired. Any deferred tax is 
charged or credited in the Income Statement as the underlying temporary difference is reversed.
Foreign currencies
Sterling is the reporting currency of the Company. Transactions in foreign currency are translated at rates of exchange ruling at the 
transaction date. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange 
ruling at the balance sheet date, with a corresponding charge or credit to the profit and loss account.
Share issue expenses and share premium account
Costs of share issues are written off against the premium arising on the issues of share capital.
Share based payments
The Company has applied the requirements of FRS 20 Share Based Payments. In accordance with the transitional provisions of that 
standard, only those awards that were granted after 7 November 2002, and had not vested at 1 July 2005, are included.
All share-based awards of the Company are equity settled as defined by FRS 20. The fair value of these awards has been determined 
at the date of grant of the award. This fair value, adjusted by the Company’ s estimate of the number of awards that will eventually 
vest as a result of non-market conditions, is expensed uniformly over the vesting period.
The fair values were calculated using an appropriate option pricing model with suitable modifications to allow for employee turnover 
after vesting and early exercise. The inputs to the model include: the share price at date of grant; exercise price; expected volatility; 
expected dividends; risk free rate of interest; and patterns of exercise of the plan participants.  42 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 43 42 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 43
1. All employee share-option plan
The all employee share option plan is a grant of share options to all eligible employees on appointment and periodically thereafter.  
The share options are issued at market price on the grant date. The share options vest in equal amounts on the first, second and 
third anniversaries after the grant date and must be exercised within five years of the grant date or forfeited.
The expense recognised for share-based payments in respect of employee services received during the year to 30 June 2009 is 
£470,964 (2008: £540,896). At 30 June 2009 a provision of £10,289 (2008: £184,323) was made for employer social security costs 
that would arise on the exercise of the options. 
The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during 
the year.
2009
No.
2009
WAEP
2008
No.
2008
WAEP
Opening balance 16,913,336 24.69 17,460,000 25.29
Granted during the year 9,740,000 8.68 940,000 16.76
Exercised/lapsed during the year (546,668) 23.63 (1,486,664) 26.83
Outstanding at 30 June 26,106,668 18.74 16,913,336 24.69
Share options outstanding as at 30 June 2009 had a weighted average remaining contractual life of 3.25 years (2008: 3.4 years).  
At 30 June 2009 16,366,668 (2008: 8,113,335) of the total number of share options outstanding could be exercised and these 
options had a weighted average exercise of 24.72 pence (2008: 28.5 pence).
The range of exercise prices for options outstanding at the end of the year was 8.5 pence to 53.75 pence. 
The fair value of equity-settled share options granted is estimated as at the date of grant using a Black-Scholes option pricing model, 
taking into account the terms and conditions upon which the options were granted. The following table lists the inputs to the model 
used for the years ended 30 June 2009 and 30 June 2008.
2009 2008
Dividend yield (%) – –
Expected share price volatility (%) 85 60
Risk-free interest rate (%) 0.5 4.5
Expected life of option (years) 2 2
The expected life of the options is based on management’ s assumption of behavioural patterns and is not necessarily indicative  
of exercise patterns that may occur.
Due to the very short trading history of EnCore Oil plc, the expected volatility used in option valuation calculations up to 31 January 
2009 was determined by calculating the volatility of the Group since the acquisition and a sample of AIM listed oil and gas companies 
with a similar market capitalisation and operational risks to the Group, but a longer trading history. The actual rate used was an 
approximation to the average of these results. Since that date we have used the volatility calculated for EnCore Oil plc shares.
No other features of options grant were incorporated into the measurement of fair value.
Third party share options
In April 2005 200,000 share options were issued to a third party company as compensation for professional services received.  
The share options have an exercise price of 23.5 pence. The fair value of the services received was £26,200. The share options 
expire in April 2010.
The expense recognised during the year to 30 June 2009 in respect of share based payments to third parties is £Nil (30 June 2008: 
£6,549).
2. Directors remuneration
Details of remuneration of the Directors of EnCore Oil plc are provided in the audited part of the Directors’ Remuneration Report on 
pages 17 and 18 of these accounts. 44 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 45 44 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 45
Notes to the Company Financial Statements continued
3. Investments
£
Shares in group undertakings (at cost)
At 30 June 2008 17,235,230
Sale of EnCore Nederland B.V . (12,650)
17,222,580
Unlisted – non Group (at 30 June 2009 and 2008)
Oilbarrel.com 50,000
At 30 June 2009 17,272,580
Shares in Group undertakings
A list of significant investments in subsidiaries is given below:
Name  % Country of operation Country of registration
EnCore Exploration Limited 100 UK England & Wales
EnCore Natural Resources Limited 100 Western Sahara England & Wales
EnCore Petroleum Limited 100 UK England & Wales
EnCore North Sea Limited 100 UK England & Wales
EnCore Oil and Gas Limited 100 UK England & Wales
EnCore (E&P) Limited 100 France England & Wales
EnCore (SNS) Limited 100 UK England & Wales
EnCore (NNS) Limited 100 UK England & Wales
EnCore (VOG) Limited 100 UK England & Wales
EnCore Gas Storage Limited 100 UK England & Wales
EnCore Exploration Limited 100 Ireland Ireland
EnCore CCS Limited 100 UK England & Wales
The principal activity of all companies, other than EnCore Oil and Gas Limited which is dormant, is oil and gas exploration and evaluation and associated activities.
EnCore (SNS) Limited was sold in July 2009, for further details see note 23 to the Group Financial Statements.
4. Intangible assets – exploration and evaluation costs
UK Onshore
£
UK Offshore
£
Other
£
T otal
£
Cost:
At 1 July 2007 1,087,372 3,925 84,764 1,176,061
Additions 97,350 2,121 – 99,471
At 30 June 2008 1,184,722 6,046 84,764 1,275,532
Additions 194,503 – – 194,503
At 30 June 2009 1,379,225 6,046 84,764 1,470,035
Accumulated amortisation:
At 1 July 2007 – – 84,764 84,764
Impairment 988,528 6,046 – 994,574
At 30 June 2008 988,528 6,046 84,764 1,079,338
Impairment 69,538 – – 69,538
At 30 June 2009 1,058,066 6,046 84,764 1,148,876
Net book value at 30 June 2009 321,159 – – 321,159
Net book value at 30 June 2008 196,194 – – 196,194 44 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 45 44 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 45
5. T angible assets
Leasehold 
improvements
£
Vehicles
£
Fixtures and 
equipment
£
Computer 
hardware 
and software
£
T otal
£
Cost:
At 1 July 2007 14,110 – 40,945 25,905 80,960
Additions – 62,537 – – 62,537
Disposals – (2,999) – – (2,999)
At 30 June 2008 14,110 59,538 40,945 25,905 140,498
Additions – 4,200 – 498 4,698
Disposals – (18,417) – – (18,417)
At 30 June 2009 14,110 45,321 40,945 26,403 126,779
Accumulated depreciation:
At 1 July 2007 6,081 – 37,870 11,084 55,035
Depreciation charge for the period 5,119 12,114 1,834 10,075 29,142
Disposals – (919) – – (919)
At 30 June 2008 11,200 11,195 39,704 21,159 83,258
Depreciation charge for the year 2,910 17,230 1,209 4,493 25,842
Disposals – (6,844) – – (6,844)
At 30 June 2009 14,110 21,581 40,913 25,652 102,256
Net book value at 30 June 2009 – 23,740 32 751 24,523
Net book value at 30 June 2008 2,910 48,343 1,241 4,746 57,240
6. Debtors
2009
£
2008
£
Other current receivables 133,949 295,160
Prepayments 72,131 83,196
Amounts owed by joint venture partners – 232,312
Amounts owed by Group undertakings 35,737,377 25,737,594
VAT Recoverable 45,965 93,909
35,989,422 26,442,171
7. Cash and cash equivalents
2009
£
2008
£
Cash at bank and in hand 5,374,300 14,430,304
Interest rate and currency risk
The interest rate profile of the Company’ s financial assets and liabilities at 30 June 2009 was as follows:
At 30 June 2009
Sterling
£
US Dollars
£
Euro
£
T otal
£
Cash at Bank at Floating Interest Rate 3,323,464 13,231 37,214 3,373,909
Cash at Bank at Fixed Rate Interest 2,000,000 – – 2,000,000
Petty cash 307 84 – 391
5,323,771 13,315 37,214 5,374,300
At 30 June 2008
Sterling
£
US Dollars
£
Euro
£
T otal
£
Cash at Bank at Floating Interest Rate 6,154,134 153,373 584 6,308,091
Cash at Bank at which no Interest is Received 8,121,666 – – 8,121,666
Petty cash 477 70 – 547
14,276,277 153,443 584 14,430,304 46 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 47 46 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 47
Notes to the Company Financial Statements continued
8. Amounts falling due within one year
2009
£
2008
£
Trade payables 326,529 1,746,550
PAYE and Social Security 63,594 242,001
Accruals 119,335 124,168
Pension contributions 21,248 23,820
Amounts due to joint venture partners 16,015 16,015
Other – 46,888
546,721 2,199,442
9. Reconciliation of movements in equity
Equity share 
capital
£
Share 
premium
£
Profit and loss 
account
£
T otal equity
£
At 1 July 2007 13,557,597 34,572,339 (670,608) 47,459,328
Issued for cash 1,736,111 10,763,889 – 12,500,000
Expenses – (505,563) – (505,563)
New shares issued in respect of employee share options 74,333 324,466 – 398,799
Loss for the period – – (2,100,047) (2,100,047)
Shared based payments – – 547,445 547,445
At 30 June 2008 15,368,041 45,155,131 (2,223,210) 58,299,962
Loss for the year – – (335,663) (335,663)
Shared based payments – – 470,964 470,964
At 30 June 2009 15,368,041 45,155,131 (2,087,909) 58,435,263
10. Related party transactions
Management agreements that exist between the Company and each of its subsidiaries, the Company is entitled to charge those 
companies for services it provides.
The Company is exempt under the terms of FRS 8 from disclosing related party transactions with entities that are part of the  
EnCore Group. 46 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 47 46 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 47
Notice of AGM
EnCore Oil plc
Notice is hereby given that the Annual General Meeting of EnCore Oil plc (the “Company”) will be held at the Dewey & LeBoeuf,  
No. 1 Minster Court, Mincing Lane, London EC3R 7YL on 17 September 2009 at 2.00 p.m. (or any adjournment thereof) for the 
following purposes:
T o consider, and if thought fit, to pass the following resolutions, of which resolutions 1 to 5 will be proposed as ordinary resolutions 
and resolutions 6, 7 and 8 will be proposed as special resolutions:
Ordinary business
1.  T o receive and adopt the Company’ s audited accounts for the financial period ended 30 June 2009 together with the last 
Directors’ Report and Auditors’ Report on those accounts and the auditable part of the Remuneration Report.
2. T o approve the Directors’ Remuneration Report for the financial period ended 30 June 2009.
3. T o re-appoint Christine M.K. Wheeler OBE who has been appointed since the 2006 Annual General Meeting on 24 November 2006.
4. T o re-appoint Mr. Graham Doré who has been appointed since the 2006 Annual General Meeting on 24 November 2006.
5.  To re-appoint PKF (UK) LLP as the Company’s auditors to hold office from the conclusion of this meeting until the conclusion 
of the next general meeting of the Company at which audited accounts are laid and to authorise the Directors to fix their 
remuneration.
Special business
6.  That in substitution for all existing authorities under Section 80 of the Companies Act 1985 (the “Act”) (without prejudice to 
the allotment of any relevant securities already made or to be made pursuant to such authorities), the Directors be and they 
are hereby generally and unconditionally authorised for the purposes of Section 80 of the Act to exercise all the power of the 
Company to allot relevant securities (within the meaning of that Section) up to an aggregate nominal amount of £5,122,680.65, 
to such persons at such times and upon such conditions as the directors may determine (subject to the Articles of Association 
of the Company) representing one third in nominal value of the ordinary share capital of the Company in issue and provided that 
this authority shall commence on the date of passing of this resolution and expire at the conclusion of the Annual General Meeting 
of the Company to be held in 2010 save that the Directors may before such expiry make an offer or agreement which would or 
might require relevant securities to be allotted after such expiry and the Directors may allot relevant securities in pursuance of  
such offer or agreement as if this authority had not expired.
7.  That the Directors be and they are hereby empowered pursuant to Section 95 of the Act to allot equity securities (as defined in 
Section 94(2) of the Act) pursuant to the general authority conferred by paragraph (a) of this resolution for cash as if the provisions of 
Section 89(1) of the Act did not apply to any such allotment, provided that such power shall be limited to £5,122,680.65, representing 
one third in nominal value of the ordinary share capital of the Company in issue and provided that such power shall after the passing 
of this resolution expire at the conclusion of the Annual General Meeting of the Company to be held in 2010 except that the Directors 
may during that period make offers or agreements which would or might require the allotment of securities after the expiry of such 
period and the Directors may allot securities pursuant to such offers or agreements as if such authority had not expired.
8.  That the Company be and is hereby generally and unconditionally authorised for the purposes of section 166 of the Companies 
Act 1985 (the “Act”) to make market purchases (within the meaning of Section 163(3) of the Act) of Ordinary Shares of 5p each in 
the Company provided that:
 a)   the maximum number of ordinary shares which may be purchased is 100,000,000 (representing 32.52 per cent. of the 
Company’ s issued ordinary share capital as at 31 July 2009);
 b)  the minimum price (exclusive of expenses) which may be paid for each Ordinary Share 5 pence;
 c)   the maximum price (exclusive of expenses) which may be paid for each Ordinary Share is an amount equal to 125 per cent. 
of the average of the middle market quotations of an Ordinary Share of the Company taken from the AIM appendix to the 
Stock Exchange Daily List for the five business days immediately preceding the day on which the share is contracted to be 
purchased;
 d)   this authority shall expire within 12 months from the date of passing this resolution (unless previously renewed, varied or 
revoked by the Company in general meeting); and
 e)   the Company may, before such expiry, enter into one or more contracts to purchase Ordinary Shares under which such 
purchases may be completed or executed wholly or partly after the expiry of this authority and may make a purchase of 
Ordinary Shares in pursuance of any such contract or contracts.
References in this resolution to the Act, or to Sections of the Act, shall, where the context requires and where appropriate, include 
references to the Companies Act 2006 (the “2006 Act”) and any corresponding or similar Sections of that Act, it being the intention 
that, to the extent permitted by law, the authorities and powers contained in this resolution shall continue in full force and effect 
notwithstanding any repeal of the Act, or any relevant part thereof.
By order of the Board
Eugene Whyms
Secretary
12 August 2009 48 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 49 48 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 49
Notice of AGM continued
Registered office: Registrars:
62–64 Baker Street Capita Registrars Limited
London The Registry
W1U 7DF 34 Beckenham Road
  Beckenham
T el: +44 (0) 20 7224 4546 Kent
Fax: +44 (0) 20 7935 1224 BR3 4TU 
Registered number 3328217 
  Calls from within the UK: 0871 664 0300
  Please note that calls cost 10p per minute plus network extras.
  Calls from outside the UK: +44 20 8639 3399
 
 
Notes
1.  Although not required by the Company’ s Articles of Association, in keeping with best corporate governance practice of AIM-
listed companies, the current directors Christine M.K. Wheeler OBE and Mr. Graham Doré will retire by rotation and will seek 
re-appointment to the board of directors of the Company. 
2.  Biographical details of the Directors and particulars of their service contracts with the Company are set out in the report and 
accounts.
3.  Resolution 6, which is a special resolution, authorises the Directors to allot unissued shares up to an aggregate nominal value  
of £5,122,680.65. This authority expires at the conclusion of the 2010 Annual General Meeting. 
4.  If the shares are to be allotted using the authority under Resolution 6 and are to be paid for in cash, Section 89(1) of the 
Companies Act 1985 requires that those shares are offered first to existing shareholders in proportion to the number of ordinary 
shares they each hold at the time. An offer of this kind is called a ‘rights issue’ and the entitlement to be offered the shares first  
is known as a ‘pre-emption right’.
5.  In certain circumstances however, it may be in the interests of the Company for the Directors to be able to allot some of the 
shares for cash other than by way of a rights issue. Resolution 7, which is a special resolution, asks shareholders to waive their 
pre-emption rights, but only for securities having a maximum aggregate nominal value of £5,122,680.65, which represents one 
third in nominal value of the ordinary share capital of the Company. This authority will expire on at the conclusion of the 2010 
Annual General Meeting.
6.  Following the introduction of the 2006 Act shareholders are now permitted to appoint multiple proxies. A proxy form which may 
be used to make such appointment and give proxy instructions accompanies this notice. A proxy need not be a shareholder  
of the Company. It should be completed and returned as soon as possible. T o be valid, a completed proxy must be received  
by the Company’ s registrar, Capita Registrars Limited, The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU, at least  
48 hours before the Annual General Meeting. Completion and return of the relevant proxy enclosed herewith will not prevent  
a shareholder from attending and voting in person. 
7.  A holder of ordinary shares or their duly appointed representatives are entitled to attend, vote and speak at the Meeting.  
A member so entitled may appoint a proxy(ies), who need not be a member(s), to attend, vote and speak on his/her behalf. 
8.  A form of proxy is enclosed with this document, and members who wish to use it should see that it is deposited, duly completed, 
with the Company’ s registrar not less than 48 hours before the time fixed for the Meeting. Completion and posting of the form of 
proxy will not preclude shareholders from attending and voting in person at the AGM should they wish to do so. 
9.  Members are entitled to appoint a proxy in respect of some or all of their shares. Members are also entitled to appoint more 
than one proxy. A space has been included on the form of proxy to allow members to specify the number of shares in respect 
of which that proxy has been appointed. Members who return the form of proxy duly executed but leave this space blank will be 
deemed to have appointed the proxy in respect of all of their shares. 
10.  Any person receiving a copy of this Notice as a person nominated by a member to enjoy information rights under Section 146 of 
the 2006 Act (a ‘Nominated Person’) should note that the provisions in Notes 7–9 above concerning the appointment of a proxy 
or proxies to attend the meeting in place of a member do not apply to a Nominated Person, as only shareholders have the right 
to appoint a proxy. However, a Nominated Person may have a right under an agreement between the Nominated Person and  
the member by whom he or she was nominated to be appointed, or to have someone else appointed, as a proxy for the meeting.  
If a Nominated Person has no such proxy appointment right or does not wish to exercise it, he/she may have a right under such 
an agreement to give instructions to the member as to the exercise of voting rights at the meeting. Nominated Persons should 
also remember that their main point of contact in terms of their investment in the Company remains the member who nominated 
the Nominated Person to enjoy information rights, or perhaps the custodian or broker who administers the investment on their 
behalf. Nominated Persons should continue to contact that member, custodian or broker (and not the Company) regarding any 
changes or queries relating to the Nominated Person’ s personal details and interest in the Company, including any administrative 
matter. The only exception to this is where the Company expressly requests a response from a Nominated Person.  48 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 49 48 EnCore Oil plc EnCore Oil plc Annual Report 2009 Annual Report 2009 49
11.  Members or those who do not have a form of proxy and believe that you should have one and wish to appoint more then one 
proxy and require additional forms should photocopy the form of proxy as required. 
12.  Such members should also read the instructions contained in the notes on the form of proxy. In order to facilitate voting by 
corporate representatives at the meeting, arrangements will be put in place at the meeting so that: 
  a)   If a corporate shareholder has appointed the Chairman of the meeting as its corporate representative to vote on a poll in 
accordance with the directions of all of the other corporate representatives for that shareholder at the meeting, then on a poll 
those corporate representatives will give voting directions to the Chairman and the Chairman will vote (or withhold a vote) as 
corporate representative in accordance with those directions; and 
  b)   If more than one corporate representative for the same corporate shareholder attends the meeting but the corporate 
shareholder has not appointed the Chairman of the meeting as its corporate representative, a designated corporate 
representative will be nominated from those corporate representatives who attend and who will vote on a poll, and the other 
corporate representatives will give voting directions to that designated corporate representative. Corporate shareholders 
are referred to the guidance issued by the Institute of Chartered Secretaries and Administrators on proxies and corporate 
representatives (www.icsa.org.uk) for details of this procedure. The guidance includes a sample form of appointment letter  
if the Chairman is being appointed as described in (a) above. 
13.  A vote ‘withheld’ option is provided on the form of proxy to enable you to instruct your proxy not to vote on any particular 
resolution. However, it should be noted that a vote withheld in this way is not a ‘vote’ in law and will not be counted in the 
calculation of the proportion of the votes ‘For’ and ‘Against’ a resolution. 
14.  Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, the Company specifies that only those shareholders 
registered in the register of members of the Company as at 6.00 p.m. on 15 September 2009 shall be entitled to attend or vote 
at the AGM in respect of the number of shares registered in their name at that time. Changes to entries on the relevant register of 
securities after 6.00 p.m. on 15 September 2009 shall be disregarded in determining the rights of any person to attend or vote at 
the meeting. 
15. Electronic proxy appointment through CREST : 
  CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so 
for the AGM and any adjournments thereof by using the procedures described in the CREST Manual. CREST Personal Members 
of other CREST sponsored members, and those CREST members who have appointed a voting service providers, should refer 
to their CREST sponsor or voting service providers, who will be able to take the appropriate action on their behalf. 
16.  In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message  
(a ‘CREST Proxy Instruction’) must be properly authenticated in accordance with Euroclear UK & Ireland Limited’ s specifications 
and must contain the information required for such instructions, as described in the CREST Manual. The message, regardless 
of whether it constitutes the appointment of a proxy or an amendment to the instruction given to a previously appointed proxy 
must, in order to be valid, be transmitted so as to be received by the issuer’ s agent (ID RA10) by the latest time(s) for receipt 
of proxy appointments specified in the notice of meeting. For this purpose, the time of receipt will be taken to be the time as 
determined by the timestamp applied to the message by the CREST Applications Host from which the issuer’ s agent is able 
to retrieve the message by enquiry to CREST in the manner prescribed by CREST . After this time any change of instructions 
to proxies appointed through CREST should be communicated to the appointee through other means. CREST members and, 
where applicable, their CREST sponsors or voting services providers should note that Euroclear UK & Ireland Limited’ s does  
not make available special procedures in CREST for any particular messages. Normal system timings and limitations will 
therefore apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned 
to take (or, if the CREST member is a CREST personal member or sponsored member or has appointed a voting service 
provider(s), to procure that his CREST sponsor or voting service providers take(s)) such action as shall be necessary to ensure 
that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST members and, 
where applicable, their CREST sponsors or voting service providers are referred, in particular, to those sections of the CREST 
Manual concerning practical limitations of the CREST system and timings. 
17.  The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out In Regulation 35(5)(a) of the 
Uncertificated Securities Regulations 2001. 
18.  If the Chairman, as a result of any proxy appointments, is given discretion as to how the votes the subject of those proxies  
are cast and the voting rights in respect of those discretionary proxies, when added to the interests in the Company’ s securities 
already held by the Chairman, result in the Chairman holding such number of voting rights that he has a notifiable obligation 
under the FSA’ s Disclosure and Transparency Rules, the Chairman will make the necessary notifications to the Company and  
the FSA. As a result, any member holding 3 per cent. or more of the voting rights in the Company who grants the Chairman  
a discretionary proxy in respect of some or all of those voting rights and so would otherwise have a notification obligation under 
the Disclosure and Transparency Rules, need not make a separate notification to the Company and the FSA. 50 EnCore Oil plc Annual Report 2009
Notice of AGM continued
19.  As at 12 August 2009, being the last practicable date prior to publication of this notice, the Company’s issued share capital 
consists of 307,360,839 ordinary shares with a nominal value of 5 pence each with voting rights. The Company does not hold 
any ordinary shares in Treasury.
20. Documents on Display:
  The following documents are available for inspection during normal business hours at the Company’ s registered office up to the 
date of the Annual General Meeting and will be available for inspection at the Annual General Meeting:
 a) A copy of the Memorandum and Articles of Association;
 b) A statement of the interests and transactions of the Directors and their families in the share capital of the Company; and
 c) Directors’ service contracts and letters of appointment. EnCore Oil plc Annual Report 2009 51
Glossary
Appraisal well 
A well drilled as part of an appraisal  
drilling programme which is carried out  
to determine the physical extent, reserves 
and likely production rate of a field. 
bbl 
One barrel of oil; 1 barrel = 35 Imperial 
gallons (approx.), or 159 litres (approx.); 
7.55 barrels = 1 tonne (approx.); 6.29 
barrels = 1 cubic metre. 
bcf 
Billion cubic feet; 1 bcf = 0.83 million 
tonnes of oil equivalent. 
BERR
Department of Business Enterprise & 
Regulatory Reform.
Block 
An areal subdivision of the UKCS of 10 
minutes of latitude by 12 minutes longitude 
measuring approximately 10 x 20 kms, 
forming part of a quadrant. Each quadrant 
is divided into a grid five Blocks wide and 
six deep, and numbered 1 to 30 from NW 
to SE e.g. Block 9/13 is the 13th block in 
Quadrant 9.
boe
Barrels of oil equivalent.
Capex 
Capital expenditure. 
Commercial field 
An oil and/or gas field judged to be 
capable of producing enough net income 
to make it worth developing. 
Development phase 
The phase in which a proven oil or gas 
field is brought into production by drilling 
production (development) wells. 
Discovery 
An exploration well which has encountered 
hydrocarbons. 
Drilling rig 
A drilling unit that is not permanently fixed 
to the seabed, e.g. a drillship, a semi-
submersible or a jack-up unit. Also means 
the derrick and its associated machinery. 
Dry hole 
A well which has proved to contain no 
hydrocarbons.
E&A 
Abbreviation for exploration and appraisal. 
E&P 
Abbreviation for exploration and 
production. 
 
Exploration drilling 
Drilling carried out to determine whether 
hydrocarbons are present in a particular 
area or structure. 
Exploration phase 
The phase of operations which covers 
the search for oil or gas by carrying out 
detailed geological and geophysical 
surveys followed up where appropriate  
by exploratory drilling. 
Exploration well 
A well in an unproven area or prospect, 
may also be known as a “wildcat well.”
Farm in 
When a company acquires an interest 
in a block by taking over all or part of 
the financial commitment for drilling an 
exploration well. 
Field 
A geographical area under which an oil  
or gas reservoir lies. 
Fracturing 
A method of breaking down a formation  
by pumping fluid at very high pressures. 
The objective is to increase production 
rates of a reservoir. 
Gas field 
A field containing natural gas but no oil. 
Hydrocarbon 
A compound containing only the elements 
hydrogen and carbon. May exist as a 
solid, a liquid or a gas. The term is mainly 
used in a catch-all sense for oil, gas and 
condensate.
LNG
Liquefied Natural Gas; natural gas 
converted to liquid form by cooling to  
a very low temperature.
mmboe 
Million barrels of oil equivalent. 
mmcfd 
Millions of cubic feet per day (of gas). 
NNS
Northern North Sea.
OGIA 
Oil & Gas Independents Association 
– an association of 34 independent oil 
companies active in the UKCS who share 
knowledge and experience of the UKCS 
business and regulatory climate and to 
press for changes where appropriate.
Oil 
A mixture of liquid hydrocarbons of 
different molecular weights. 
Oil & Gas UK 
A representative body with membership 
open to all companies active in the UK 
offshore oil and gas industry.
Oil field 
A geographic area under which an oil 
reservoir lies. 
Operator 
The company that has legal authority to 
drill wells and undertake production of any 
hydrocarbons found. The operator is often 
part of a consortium and acts on behalf  
of this consortium. 
PESGB
Petroleum Exploration Society of Great 
Britain.
PILOT 
A joint programme involving the 
Government and the UK oil & gas Industry 
Operators, Contractors, Suppliers, Trade 
Unions and SME’ s aiming to secure the 
long-term future of the Industry in the UK.
Quadrant 
An areal subdivision of the UKCS of 1 
degree of longitude by 1 degree of latitude 
– typically around 6600 sq km. On the 
UKCS each Quadrant is further subdivided 
into 30 Blocks. 
SNS
Southern North Sea. 
Suspended well 
A well that has been capped off 
temporarily.
UKCS 
United Kingdom Continental Shelf. 
UKOOA
UK Offshore Operators Association. 52 EnCore Oil plc Annual Report 2009 52 EnCore Oil plc Annual Report 2009
Directors, Officers and Advisers
Directors
Michael T . Lynch Chairman
Alan Booth Chief Executive Officer
Eugene Whyms Chief Financial Officer
Graham Doré Exploration Director
Christine M.K. Wheeler OBE 
Non-Executive Director
Registered Office
62–64 Baker Street
London
W1U 7DF
United Kingdom
T el: +44 (0)20 7224 4546
Fax: +44 (0)20 7935 1224
info@encoreoil.co.uk
www.encoreoil.co.uk
Incorporated and registered in England  
and Wales under the Companies Act  
under registration number 3328217
Registrar
Capita Registrars Limited
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
West Yorkshire 
HD8 0GA
United Kingdom 
Calls from within the UK:  
0871 664 0300
*  Please note that calls cost 10p per minute  
plus network extras.
Calls from outside the UK:  
+44 20 8639 3399
www.capitadeal.com 
Auditors
PKF (UK) LLP 
Farringdon Place
20 Farringdon Road
London 
EC1M 3AP
United Kingdom 
T el: +44 (0)20 7065 0000 
Fax: +44 (0)20 7065 0650
www.pkf.co.uk
Nominated Adviser and Broker
Hanson Westhouse Limited
One Angel Court
London 
EC2R 7HJ
United Kingdom
T el: +44 (0)20 7601 6100
Corporate Finance Fax: 
+44 (0)20 7796 2713
Sales/Dealing/Research Fax: 
+44 (0)20 7796 2476
www.hansonwesthouse.com
Legal Advisers
Dewey & LeBoeuf LLP
1 Minster Court
Mincing Lane 
London
EC3R 7YL 
United Kingdom 
T el: +44 (0)20 7459 5000 
Fax: +44 (0)20 7459 5099
www.deweyleboeuf.com 
Financial PR
Aquila Financial Limited
Albany House
14 Shute End
Wokingham
Berkshire
RG40 1BJ
United Kingdom 
T el: +44 (0)118 979 4100
www.aquila-financial.com  Designed and produced by
SampsonMay
Board photography by
Andy Wilson
Christine M.K. Wheeler OBE 
photographed by 
Bill Robinson
Printed in England by
Park Communications EnCore Oil plc
62–64 Baker Street 
London  W1 U 7DF
United Kingdom
T elephone  
+44 (0)20 7224 4546
Fax  
+44 (0)20 7935 1224
Email  
info@encoreoil.co.uk
Registered No.  
3328217
www.encoreoil.co.uk