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Trap Oil Group plc (TRAP)

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Friday 26 October, 2012

Trap Oil Group plc

27th Licensing Round

RNS Number : 5925P
Trap Oil Group plc
26 October 2012
 



 

TRAP OIL GROUP PLC

("Trapoil" or the "Company")

 

UK 27th Licensing Round Provisional Awards

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 it has been provisionally awarded three new traditional licences (covering nine new exploration blocks) under the UK 27th Licensing Round, the results of which were announced yesterday by the Department of Energy and Climate Change ("DECC") (the "Licence Awards").

Trapoil is partnered, in respect of each of the Licence Awards, by Norwegian Energy Company UK Limited ("Noreco"). The intended equity split in each of the Licence Awards is Noreco 50 per cent. and Trapoil 50 per cent. (of which five per cent. will be a carried interest).

A brief summary of the Licence Awards is set out below.

Blocks 14/11, 14/12 & 14/16 located on the flank of The Moray Firth, Witch Ground Graben

Noreco will operate this acreage, which lies in Trapoil's core exploration area immediately to the west of the Athena field and the Bordeaux and Brule discoveries. The firm work obligations comprise shooting new 3D seismic across the acreage.

Blocks 21/8c, 21/9b (Split), 21/10c, 21/14a & 21/15b located in the Central North Sea

Noreco will operate this acreage, which is situated in close proximity to the Forties field. Trapoil has access to CGGVeritas' 3D long offset data covering this acreage and the firm work commitments comprise obtaining and reprocessing 3D seismic.

Block 16/18b (Split) located in the South Viking Graben

Trapoil will operate this block, which represents protection acreage for our Sienna prospect located in block 16/23b. The firm work obligations comprise obtaining and reprocessing 3D seismic.

The possible grant of a further licence award applied for by Trapoil remains subject to the results of environmental assessments by DECC in due course.

Mark Groves Gidney, Chief Executive Officer of Trapoil, commented:

"We are delighted to have received these provisional awards under DECC's 27th Licensing Round, a testament to our knowledge and expertise in the UKCS. The attainment of operatorship is a key milestone in the Company's development and positions us strongly to create shareholder value."

Martin David, technical director of the company has reviewed and approved the technical information contained in 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.

 

**ENDS**

Enquiries:

 

Trap Oil Group plc

 

 

Mark Groves Gidney, CEO

 

 

Tel:  0203 170 5586

www.trapoil.com

 

Strand Hanson Limited

 

James Harris

Matthew Chandler

James Spinney

 

 

Tel:  0207 409 3494

 

 FirstEnergy Capital LLP

Hugh Sanderson

David van Erp

Tel:  0207 448 0200

 

 

Mirabaud Securities LLP

     

      Peter Krens

 

 

Tel:  0207 321 2508

Cardew Group

 

     Tim Robertson

      Shan Shan Willenbrock

Lauren Foster

Tel:  0207 930 0777

[email protected]

 

 

 

Notes to editors:

 

·      The 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
 
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