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Update on Orchid well

8th Mar 2012 07:00

RNS Number : 9256Y
Trap Oil Group plc
08 March 2012
 



 

Trap Oil Group plc

("Trapoil" or the "Company")

 

Update re Orchid Well

 

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 announce that operations have commenced on the Orchid exploration prospect (Trapoil 15% interest, of which 5% is carried and 10% is paying) located in Block 29/1c of the UK Central North Sea, within exploration licence P.1556 ("Orchid"). Orchid is a dual target, four-way dip closure at the Tertiary and Chalk level with best estimate gross prospective resources for the entire prospect of approximately 38 million barrels of oil equivalent ("mmboe") (5.7mmboe net to Trapoil) (unaudited estimate by Trapoil's management). The well is being drilled by the Sedco 711 semi-submersible rig and well operations are currently estimated to last 33 days in the dry hole case. The well will be drilled to an estimated total depth of 9,415 feet Measured Depth Below Rotary Table ("MDBRT") or 8,700 feet True Vertical Depth Sub Sea ("TVDSS").  

The partners in exploration licence P.1556 are Summit Petroleum Limited (45%, operator), Valiant Exploration Limited (30%), Atlantic Petroleum UK Limited (10%) and Trapoil (15%).

 

Orchid marks the start of Trapoil's 2012 exploration programme which it is currently intended will include the drilling of up to a total of seven wells targeting total best estimate net risked prospective resources of approximately 14.3mmboe (unaudited estimate by Trapoil's management).Trapoil is being carried for the majority of these wells and anticipates contributing funds to only one other well in this planned drilling programme.

 

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.

 

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

Cardew Group

Tim Robertson

Shan Shan Willenbrock

Sophie Leigh Pemberton

 

Tel: 0207 930 0777

[email protected]

**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.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DRLEANDXEDDAEFF

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