Trap Oil Group plc TRAP Company Update

  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   trapoil@cardewgroup.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