Last checked at 16 Sep 2013 07:00
Trap Oil Group plc
("Trapoil" or the "Company")
Operational Update re Athena Oil Field ("Athena") and Notice of Half Yearly Results
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 it has been notified by the Athena field operator (Ithaca Energy Inc.) that further to its recent diagnostic testing, including an investigation of the ESP installed in the "P4" well in the Athena Field, the fault has yet to be rectified. The pump failure in the P4 well has reduced the gross field production by approximately 1,400 barrels of oil per day ("bopd") (210 bopd net to Trapoil). Current production from the field is therefore running at approximately 7,500 bopd (1,125 bopd net to Trapoil). The field's partners are currently assessing the most appropriate remedial actions, which may include repairing or a work over of the existing well or the potential drilling of a new well. The Company considers that it is currently unlikely that production will be restored to its optimum level prior to Q2 2014. A further update will be provided in due course.
In addition, Trapoil announces that its unaudited interim results for the six months ended 30 June 2013 will be released on 27 September 2013.
The Company also announces that an updated corporate presentation will shortly be made available on its website (www.trapoil.com).
Enquiries:
Trap Oil Group plc
| Mark Groves Gidney, CEO
| Tel: 020 3170 5586 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
|
Mirabaud Securities LLP | Peter Krens
| Tel: 020 7321 2508
|
Cardew Group | Shan Shan Willenbrock Lauren Foster
| Tel: 020 7930 0777 trapoil@cardewgroup.com |
**ENDS**
Paul Collins, Chief Operating Officer 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 Collins holds a BSc (Hons) degree in Fuel & Energy Engineering from Leeds University and a post-graduate diploma in Offshore Mechanical Engineering from Robert Gordon's Institute of Technology and has over 28 years' experience in the oil and gas 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 partners and major suppliers and consultants including CGG Services (UK) Limited ("CGG") and Applied Drilling Technology International.
· 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 CGG's state of the art 3D seismic database over the majority of the Central North Sea area on negotiated terms. CGG 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.