25th Mar 2013 15:14
Trap Oil Group plc
("Trapoil" or the "Company")
Update re Scotney Well
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 operations on the Scotney (Licence P.1658, Block 20/5b) exploration prospect ("Scotney") have experienced certain operational and weather related delays. As a consequence, the well is currently approximately 24 days behind schedule. The well is being drilled to an estimated total target depth of 10,690 feet Measured Depth Below Rotary Table ("MDBRT") or 10,580 feet True Vertical Depth Sub Sea ("TVDSS").
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 Trap Oil Limited (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 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 partnersand 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.
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