RNS Number : 6486C
Trap Oil Group plc
03 May 2012
3 May 2012
Trap Oil Group plc
("Trapoil" or the "Company")
Orchid Exploration Well (Licence P.1556 Block 29/1c)
Management Estimate Unaudited In Place Volumes to be Approximately 40mmbls
Trapoil (AIM: TRAP), the independent oil and gas exploration and appraisal company focused on the UK Continental Shelf ("UKCS") region of the North Sea, announces that further to the release of 23 April 2012 it has been advised by Summit Petroleum Limited ("Summit") that operations on the Orchid exploration well have reached their targeted depth.
As previously announced, the 12[1/4]" hole section of the Orchid well bore was re-drilled as a mechanical side-track. The well has reached its target depth of 9,333ft Measured Depth Below Rotary Table ("MDBRT") or 8,609ft True Vertical Depth Sub Sea ("TVDSS"). The shallow secondary objective Andrew sandstones were not well developed over the top of the structure, but the deeper primary target Chalk zone had over 280ft of good oil shows. 100ft into the reservoir an influx into the wellbore of a small amount of fluid was encountered, which was safely controlled, and reported on the rig site to be oil. MWD logs completed over the Chalk interval confirm at least 50ft of net oil pay with average porosities of 30 per cent. and an average oil saturation of 47 per cent. Further log runs were obtained over this zone but these proved inconclusive as to the quality of the pay zone. Accordingly, following due consultation amongst the partnership group, where there are significant differences in materiality thresholds, the well will now be plugged and abandoned.
Analysis of the well data by Trapoil suggests that the Orchid well has penetrated 64ft of gross oil pay above a 235ft transition zone. Trapoil estimates that based on the current available data there are in place unaudited volumes of approximately 40mmbbls which should potentially provide a commercial reserve. However, a second wellbore will be required to provide conclusive evidence of such potential. The partnership group will now consider their options for potential future additional drilling activities.
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).
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 email@example.com
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