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
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
Trap Oil Group plc Mark Groves Gidney, CEO Tel: 0203 170 5586
Strand Hanson Limited James Harris Tel: 0207 409 3494
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 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 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
This information is provided by RNS
The company news service from the London Stock Exchange
MSCBKDDBCBKKKCB -0- Sep/21/2012 09:31 GMT
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