U.K. oil and gas explorer, EnCore Oil, is spinning off its exploration assets into a new company, XEO Exploration, to focus on its projects in the U.K. North Sea. The new company will be listed on the AIM towards the end of May, subject to necessary regulatory approval and a successful institutional placing. EnCore is aiming to transfer the Holylake, Tudor Rose/Buffalo, Spaniards and Merrow prospects to XEO and its partners for these prospects are Nautical Petroleum and EnQuest. After the spin off, Eugene Whyms, EnCore’s CFO, will become CEO of XEO. Matrix Corporate Capital is the nominated adviser and joint broker, while Westhouse Securities will be the joint broker for XEO’s admission to AIM.

Click here for the release from EnCore Oil.