25th Jun 2015 07:00
Trap Oil Group plc
("Trapoil" or the "Company")
Niobe Well Result
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 that, further to the Company's announcement of 08 June 2015, operations are now being concluded on the Niobe (Licence P.1989, Blocks 12/26b & 27b) exploration prospect. The exploration well was drilled to its target depth of 5,005 feet Measured Depth Below Rotary Table ("MDRT") or 4,871 feet True Vertical Depth Sub Sea ("TVDSS") within the Late Jurassic Heather Formation and as such has fulfilled the licence obligation.
The well achieved its primary target, being the Burns Sandstone Member within the late Jurassic interval. The well penetrated good quality sands with no significant hydrocarbons. There are no plans to conduct a drill stem test and the well is to be plugged and abandoned.
The partners in Licence P.1889 are Suncor Energy UK Limited, operator (49.5 per cent. equity interest), Norwegian Energy Company UK Limited (22.5 per cent. equity interest) and Trap Oil Limited (28 per cent. equity interest, of which 2.5 per cent. is a carried interest).
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.
Enquiries:
Trap Oil Group plc
| Scott Richardson Brown, Finance Director | Tel: 020 3691 2015 www.trapoil.com
|
Strand Hanson Limited | James Harris Matthew Chandler James Spinney
| Tel: 020 7409 3494 |
FirstEnergy Capital LLP | Hugh Sanderson David van Erp
| Tel: 020 7448 0200
|
Cardew Group | Shan Shan Willenbrock Tom Horsman | Tel: 020 7930 0777 |
**ENDS**
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