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Operational Update

16 Aug 2011 18:09

RNS Number : 4886M
Trap Oil Group plc
16 August 2011
 



 

 

Trap Oil Group plc

("Trapoil" or the "Company")

 

Update re Lybster 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 an operational update with respect to its Lybster well situated on Block 11/24 - 3v2 (licence P.1270) ("Lybster"), which is operated by Caithness Oil Limited ("Caithness").

 

Testing operations have recently been concluded on Lybster, which flow tested at rates up to 1,900 barrels of oil per day ("bopd") of 38 degree API oil through a variable choke set at 36/64th. This testing formed part of a sample collection and assay programme aimed at establishing the suitability of the crude oil for export facilities later this year.

The well has now been shut-in pending completion of surface facilities prior to commencing production, which is currently anticipated in early 2012. Trapoil holds a 35 per cent. carried interest in the P.1270 licence which formed part of the asset portfolio of Reach Oil & Gas Limited ("Reach"), acquired by the Company in July 2011. From the date of first production, Caithness is entitled to recover all development and operating costs attributable to Trapoil's carried interest out of net revenue achieved from the sale of Trapoil's percentage interest share of the crude oil produced. Accordingly, until such costs have been fully recovered, Trapoil will receive approximately 20 per cent. of net petroleum revenues attributable to its carried interest in Lybster.

Mark Groves Gidney, Chief Executive Officer of Trapoil, commented:

"We are very pleased with the results from this well, which are in line with our expectations, and look forward to the commencement of commercial production early next year. Drilling of the Lybster well was still ongoing at the time of our acquisition of Reach and we believe these test results serve to validate the consideration paid. We anticipate realising further value from the Reach asset portfolio in the near term."

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, as required 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.

 

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

Rupert Pittman

Shan Shan Willenbrock

Sophie Leigh Pemberton

 

Tel: 0207 930 0777

trapoil@cardewgroup.com

**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
 
 
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