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Trap Oil Group plc (TRAP)

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Monday 18 February, 2013

Trap Oil Group plc

Scotney Well Update

RNS Number : 0530Y
Trap Oil Group plc
18 February 2013
 



 

 

Trap Oil Group plc

("Trapoil" or the "Company")

 

Update re Scotney Well

 

Trapoil (AIM: TRAP), the independent oil and gas exploration, appraisal and production company focused on the UK Continental Shelf ("UKCS") region of the North Sea, is pleased to announce that operations have commenced on the Scotney (Lence P.1658, Block 20/5b) exploration prospect ("Scotney"). The partners in Licence P.1658 are Suncor Energy UK Limited (28.75 per cent., operator), Norwegian Energy Company UK Limited (43.75 per cent.), First Oil and Gas Limited (15.0 per cent.) and Trap Oil Limited (12.5 per cent. carried interest).

 

Scotney is mapped as a four-way dip closure at the Base Cretaceous Unconformity level with Late Jurassic Tweedsmuir sands as the reservoir objective and best estimate gross prospective resources for the entire prospect of approximately 57 million barrels of oil equivalent ("mmboe") (approximately 7.1mmboe net to Trapoil, unaudited estimate by Trapoil's management). The well is being drilled using the Awilco WilHunter rig and well operations are currently anticipated to last approximately 36 days in the dry hole case. The well will be drilled to an estimated target depth of 10,690 feet Measured Depth Below Rotary Table ("MDBRT") or 10,580 feet True Vertical Depth Sub Sea ("TVDSS"). 

 

The Scotney well represents the continuation of Trapoil's ongoing exploration programme, with drilling of the next well, on the Magnolia prospect, anticipated to commence shortly.

 

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

Mirabaud Securities LLP

Peter Krens

 

Tel:  0207 321 2508

FirstEnergy Capital LLP

Hugh Sanderson

David van Erp

 

Tel:  0207 448 0200

 

Cardew Group

Tim Robertson

Shan Shan Willenbrock

Lauren Foster

 

Tel:  0207 930 0777

[email protected]

**ENDS**

 

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.

 

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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