Completion of Athena acquisition

Trap Oil Group plc

("Trapoil" or the "Company")

Completion of Athena acquisition

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 confirm that on 21st December 2012 it completed the previously announced acquisition of a 15 per cent. working interest in the Athena Oil Field ("Athena") from Dyas UK Limited ("Dyas"). Completion followed delays caused by securing partner approvals.

Parties agreed to adjust the base consideration downwards from £34.5m to £31.8m.

The final payment to Dyas (reflecting, in addition to the revision to consideration, adjustments for net cash flows since the effective date of 1st January 2012, a reduction of £3.3m to the capex payable by Trapoil and the deposit of £3 million paid on exchange of contracts) was £18.9 million.

This has been satisfied from the Company's existing cash resources, which prior to completion stood at £27 million.

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

"We are pleased to have completed the acquisition of Athena on satisfactory terms. The field will generate significant cash flow and provide valuable tax shelter for our drilling programme. Trapoil now has a secure base from which to progress with its objective of adding value through exploration and appraisal activity in the North Sea."

Enquiries:

**ENDS**

Notes to editors:

·; Athena is situated in Block 14/18b within Licence P.1293 in the Outer Moray Firth area of the UKCS, lying approximately 18 kilometres west of the Claymore and Scapa fields and their associated production facilities. Ithaca Energy (UK) Limited ("Ithaca") is the operator and currently holds a 22.5 per cent. interest in the Block. Following completion, the remaining equity holders in Athena comprise Dyas (retaining a 32.5 per cent. interest as the largest equity holder), EWE Energie AG (20 per cent.) and Lochard Energy Group plc's wholly owned subsidiary, Zeus Petroleum Limited (10 per cent.).

·; Trapoil 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.