First Oil at Athena Oil Field ("Athena")

28 May 2012

Trap Oil Group plc

("Trapoil" or the "Company")

First Oil at Athena Oil Field ("Athena")

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 note the announcement made on 28 May 2012 by Ithaca Energy Inc. ("Ithaca Energy") in respect of first oil from Athena, with the initial operations phase of the field in line with its management's expectations and proceeding as planned.

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

"Ithaca Energy's announcement is great news for Trapoil. We expect our acquisition of an initial 10 per cent. interest in Athena to complete in Q2 2012, with the balance of the consideration due by 31 October 2012 for a further 5 per cent. interest.

It is most encouraging that production has now commenced with the initial operations phase in line with Ithaca Energy's expectations. Our estimated production profile for Athena is currently lower than Ithaca Energy's due to a more conservative unaudited estimate of the reserve base by Trapoil's management."

Athena is located in UKCS Block 14/18b (Licence P.1293). Ithaca Energy (UK) Limited ("Ithaca") is the operator and currently holds a 22.5 per cent. interest in the block. As announced on 19 March 2012, Trapoil has agreed to acquire a 15 per cent. working interest in Athena from Dyas UK Limited ("Dyas"), subject to Department of Energy and Climate Change ("DECC") and Dyas' partners approvals, for a total staged cash consideration of approximately £34.5 million. Following completion of the acquisition of a 15 per cent. interest by Trapoil, currently expected to occur by 31 October 2012, the other equity holders in Athena alongside Ithaca will 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.).

First oil from Athena follows on from the recent commencement of production from the Lybster field (Licence P.1270, Block 11/24-3v2), which is operated by Caithness Oil Limited, as announced on 3 May 2012. Trapoil holds a 35 per cent. carried interest in the P.1270 licence.

Enquiries:

Additional information on the Athena acquisition:

·; Trapoil's management estimate unaudited recoverable reserves (gross) from the core Athena development area to be c.14.3mmbbls, with upside in the core area and further to the north. Ithaca Energy announced in late March 2012 that the Athena reservoir has been independently assessed by Sproule International Limited to contain 2P reserves (gross) of 26.1mmboe.

·; The effective net acquisition cost for Trapoil is currently estimated to be approximately US$23/bbl for fully developed producing reserves (based on management's latest estimated effective net acquisition cost of £29 million and the Company's 15 per cent. share of unaudited gross recoverable reserves as at 31 October 2012 of 2.0mmbbls), with a short anticipated payback period.

·; Trapoil's management anticipates an initial production rate of approximately 10,000bopd, rising to 18,000bopd (2,700bopd net to Trapoil) once fully commissioned. In late March 2012, Ithaca Energy stated that production from the field is anticipated to reach approximately 22,000bopd.

·; The acquisition of 15 per cent. of Athena yields good projected returns for Trapoil in excess of 50 per cent. when tax synergies and anticipated hedging activity are taken into account.

·; Trapoil is only exposed to its share of development costs in excess of £208 million and the Company's net abandonment liability is anticipated to be £5.5 million.

**ENDS**

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, notably Suncor Energy Incorporated, Norwegian Energy Company ASA and Challenger Minerals (North Sea) Limited, 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.