RNS Number : 8157B
Trap Oil Group plc
23 April 2012
Trap Oil Group plc
("Trapoil" or the "Company")
Operations Update re Orchid Well (Licence P.1556 Block 29/1c)
Trapoil (AIM: TRAP), the independent oil and gas exploration and appraisal company focused on the UK Continental Shelf ("UKCS") region of the North Sea, has been advised by Summit Petroleum Limited ("Summit") that the 12 [1/4]" hole section of the Orchid well bore has been re-drilled as a mechanical side-track.
The partners in exploration licence P.1556 are Summit (45 per cent., operator), Valiant Exploration Limited (30 per cent.), Atlantic Petroleum UK Limited (10 per cent.) and Trapoil (15 per cent., of which 5 per cent. is carried and 10 per cent. is a paying interest).
A further update on the Orchid well which is being drilled under a turnkey arrangement, at no additional cost to Trapoil, will be provided after well operations have been completed.
Orchid marks the start of Trapoil's 2012 exploration programme which it is currently intended will include the drilling of up to a total of seven wells targeting total best estimate net risked prospective resources of approximately 14.3mmboe (unaudited estimate by Trapoil's management). Trapoil is being carried for the majority of these wells and anticipates contributing funds to only one other well in this planned drilling programme.
Martin David, Technical Director of the Company, has reviewed and approved the technical information contained within this announcement in his capacity as a qualified person under the AIM Rules. Mr David holds a BSc degree in Geology from the University of London and has over 37 years' experience in the oil industry.
Trap Oil Group plc Mark Groves Gidney, Tel: 0203 170 5586
Strand Hanson Limited James Harris Tel: 0207 409 3494
Mirabaud Securities Peter Krens Tel: 0207 321 2508
Cardew Group Tim Robertson Tel: 0207 930 0777
Shan Shan Willenbrock firstname.lastname@example.org
Notes to editors:
-- The Trapoil group was created in 2008 by a team of experienced industry executives with a broad range of oil and gas technical, operational and financial expertise and professional skills.
-- Trapoil has developed long term relationships with key oil industry partners, notably Suncor Energy Incorporated, Norwegian Energy Company ASA and Challenger Minerals (North Sea) Limited, and major suppliers and consultants including CGGVeritas Services (UK) Limited ("CGGVeritas"), Applied Drilling Technology International and Exploration Geosciences Limited.
-- The Company utilises a research-led, knowledge-based approach to identify and deliver promising exploration and appraisal opportunities, and to this end has secured extensive long term access to CGGVeritas' state of the art 3D seismic database over the majority of the Central North Sea area on negotiated terms. CGGVeritas is a leading pure-play geophysical services and equipment provider. Access to such 3D seismic data serves to strengthen the group's ability to create opportunities on both open and held acreage in the UKCS.
This information is provided by RNS
The company news service from the London Stock Exchange