Corporate Update

Trap Oil Group Plc

("Trapoil" or the "Company")

Directorate Changes and Corporate Update

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, announces certain board changes together with a corporate update.

Directorate Changes

Further to the Company's announcement of 12 August 2014 and having now completed the planned transition period, Mark Groves Gidney, Chief Executive Officer, and Paul Collins, Chief Operating Officer, stepped down from the Board of the Company with effect from 31 October 2014.

Overhead Reduction

In the Company's corporate update announcement of 12 August 2014, it was anticipated that reductions in general overhead and administrative expenses of approximately £1m on an annualised basis were achievable. As a result of agreed headcount reductions, being phased in from now until 31 December 2014, and certain other identified overhead reductions, the group will have reduced its overhead costs to an estimated run rate of under £1.5m per annum from 1 January 2015.

The Company continues to seek to make further overhead reductions and Martin David, currently Managing Director of Trap Oil Limited, Trapoil's main North Sea operating company will continue to work with the Board of Directors on how best to maximise returns from the Company's existing assets. The Company will provide further updates as and when appropriate.

Disposal of IGas shares

The Company also announces that it has sold its remaining ordinary shares in IGas Energy PLC (the "IGas Shares") for a total consideration of £1.86 million, equivalent to 82 pence per Igas Share.

Following the disposal of the IGas Shares, Trapoil has, as of 31 October 2014, £18.2 million of unrestricted cash.

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