12th Apr 2013 07:02
Trap Oil Group plc
("Trapoil" or the "Company")
Scotney 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 18 February 2013, operations are now being concluded on the Scotney (Licence P.1658, Block 20/5b) exploration prospect. The exploration well was drilled to its target depth of 10,600 feet Measured Depth Below Rotary Table ("MDRT") or 10,449 feet True Vertical Depth Sub Sea ("TVDSS") and as such has fulfilled the licence obligation.
The well achieved its primary target, being the Tweedsmuir Sandstone Member within the late Jurassic interval. The target interval is characterised on seismic data by strong amplitudes and was interpreted, prior to drilling, as representing the equivalents of the Tweedsmuir Sandstone Member. The well penetrated thin sands with no significant hydrocarbons overlying a number of limestone stringers. This interval is interpreted to be a distal equivalent to the Tweedsmuir sands. There are no plans to conduct a drill stem test and the well is to be plugged and abandoned.
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 Trapoil (12.5 per cent carried interest).
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 R. van Erp
| Tel: 0207 448 0200
|
Cardew Group | Shan Shan Willenbrock Lauren Foster
| Tel: 0207 930 0777 |
**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 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 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.
Related Shares:
Jersey Oil & Gas plc