That looks like an XDCAM codec to me, and it may well be something Encore simply does not understand - the clip resolution looks somewhat unusual as well at 1416x1062 to me.
What type of disc are you trying to build here?
For BluRay, even though you can use MPEG-2, personally I would go for AVC/264 every time as you will get the same quality at half the file size as it is a much more efficient process.
Personally, I would either
A - re-render from FCP as elementary streams, or
B - split the 2 out (if they work in Quicktime, do you have the Pro extension?) If you do you can export it out as anything you like.......and it does a pretty good job of it.
If you can be more specific about the project, it's resolution/definition & the source file details, we may be able to point you in the right direction a lot faster.