Abu Dhabi firm buys out EnCore Oil’s Dutch arm

September 3rd, 2008 - 8:43 pm ICT by IANS  

Dubai, Sep 3 (IANS) The United Arab Emirates (UAE)-based Abu Dhabi National Energy Company announced Wednesday that it has purchased EnCore Oil Nederland, a wholly owned subsidiary of Britain’s EnCore Oil.The Abu Dhabi company, popularly known by its stock listed name TAQA, said in a statement here that it paid $5.5 million in cash to acquire EnCore Oil Nederland, whose only asset is a 10 percent interest in the Amstel field offshore Netherlands.

Following completion of the transaction, EnCore Oil Nederland would be integrated into TAQA Energy, it stated.

An entity of the Abu Dhabi government, TAQA’s businesses are worth over $18.5 billion and its operations are spread across nine countries.

EnCore Oil is a Britain-focused exploration and production company listed on the Alternative Investment Market on the London Stock Exchange.

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