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Fuel card news: Oil struck off Shetland coast

01 September, 10
An exploration firm has hailed its latest "superb" find and enjoyed a surge in its own value, after discovering a significant new oil field close to the Shetland Islands.

The price of shares in Encore Oil rose by just under one-fifth after the company published the results of preliminary drilling at the Cladhan test well in Scotland's North Sea, which were claimed to be "at the upper end" of expectations.

Chief executive Alan Booth expressed delight at the find, adding: "This is a really exciting time for Encore and we look forward to the results over the coming months."

Encore has several partners in its latest venture, including Wintershall - a subsidiary of German chemicals giant BASF - which also owns a 20 per cent stake in the Catcher field, found off the coast of Scotland in June.

Last month, Rockhopper Petroleum reported that its most recent round of exploratory drilling near the disputed Falkland Islands had failed to unearth crude oil.

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Posted by Matt HaskinsADNFCR-2675-ID-800046841-ADNFCR

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Fuel card news: Oil struck off Shetland coast