Trap Oil Group plc (TRAP) - Company Update RNS Number : 8435M Trap Oil Group plc 21 September 2012 21st September 2012 Trap Oil Group plc ("Trapoil" or the "Company") Update re Romeo Well Trapoil (AIM: TRAP), the independent oil and gas exploration and appraisal company focused on the UK Continental Shelf ("UKCS") region of the North Sea, is pleased to announce that operations have commenced on the Romeo (Licence P.1666, Block 30/11c) exploration prospect ("Romeo") (Trapoil 12.5 per cent. carried interest). Romeo is a four-way dip closure mapped at Base Cretaceous Unconformity with Fulmar sands as the reservoir objective, and with best estimate gross prospective resources for the entire prospect of approximately 44 million barrels of oil equivalent ("mmboe") (3.3mmboe net to Trapoil unaudited estimate by Trapoil's management). The well is being drilled by the Awilco WilHunter rig and well operations are currently estimated to last 78 days in the dry hole case. The well will be drilled to an estimated total depth of 15,180 feet Measured Depth Below Rotary Table ("MDBRT") or 15,095 feet True Vertical Depth Sub Sea ("TVDSS"). The partners in Licence P.1666 are Suncor Energy UK Limited (50.625 per cent., operator), Norwegian Energy Company UK Limited (21.875 per cent.), First Oil and Gas Limited (15.0 per cent.) and Trapoil (12.5 per cent.). The well is being drilled as a joint well with Licence P.1816 (Block 29/15a) operated by Total E&P UK Limited (100 per cent.). The well marks the continuation of Trapoil's 2012 exploration programme which is also currently intended to include the drilling of the Scotney and Magnolia prospects. 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. Enquiries: Trap Oil Group plc Mark Groves Gidney, CEO Tel: 0203 170 5586 www.trapoil.com Strand Hanson Limited James Harris Tel: 0207 409 3494 Matthew Chandler James Spinney Mirabaud Securities LLP Peter Krens Tel: 0207 321 2508 FirstEnergy Capital LLP Hugh Sanderson Tel: 0207 448 0200 David R. van Erp Cardew Group Tim Robertson Tel: 0207 930 0777 Shan Shan Willenbrock email@example.com Lauren Foster **ENDS** 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 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 END MSCBKDDBCBKKKCB -0- Sep/21/2012 09:31 GMT
Trap Oil Group plc TRAP Company Update
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