ENCOR INC. COMPLETES SALE
ENCOR INC. COMPLETES SALE CALGARY, Alberta, April 23 /PRNewswire/ -- Encor Inc.
(Toronto, Montreal: ECR) announced today that it has completed the sale of its interests in the production mining licenses for the Kupe South and Toru undeveloped natural gas fields located off the west coast of New Zealand.
Proceeds from the sale total Australian $23 million (approximately $20.8 million in Canadian dollars). The sale is expected to result in a gain of $19.3 million after deferred taxes. Encor's office in New Plymouth will be closed effective May 1, 1992, as a result of these dispositions. Encor's other interests in New Zealand include operatorship of the offshore exploration license PPL 38437, which includes the Toka prospect in the area of the Sugar Loaf Islands marine protected area and a non-operated interest in the adjacent onshore exploration licence PPL 38701 which will be administered from the head office in Calgary. The company's common shares trade on the Toronto Stock Exchange and the Montreal Exchange under the symbol "ECR." -0- 4/23/92 /CONTACT: Charles W. Fischer, president and CEO of Encor Inc., 403-231-6000/ (ECR.) CO: Encor Inc. ST: Alberta IN: OIL SU: TNM
JL -- LA045 -- 2216 04/23/92 18:28 EDT
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|Date:||Apr 23, 1992|
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