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Company Trap Oil Group plc
TIDM TRAP
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Magnolia Update

Released 07:00 25-Feb-2013
Number 5402Y07

RNS Number : 5402Y
Trap Oil Group plc
25 February 2013
 

25 February 2013

 

Trap Oil Group plc

("Trapoil" or the "Company")

 

Update re Magnolia 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, is pleased to announce that operations have commenced on the Magnolia (Licence P.1610, Block 13/23a) exploration prospect ("Magnolia"). The partners in Licence P.1610 are Dana Petroleum (BVUK) Limited (45.0 per cent., operator), Summit Petroleum Limited (25.0 per cent.), Atlantic Petroleum UK Limited (20.0 per cent.) and Trap Oil Limited (10.0 per cent. carried interest).

 

Magnolia is mapped as a 3-way dip closure and one-way pinch out onto the Halibut Horst. The structure is mapped as a prominent ridge plunging southwards from the Halibut Horst into the Smith Bank Graben, with the trap being shared between Blocks 13/22d (60 per cent.) and 13/23a (40 per cent.). Drilling of this exploration well will satisfy the outstanding firm well commitment on Block 13/23a. Primary objectives are defined within the Lower Cretaceous interval with targets comprising the Captain, Coracle and Punt sandstones. The well is being drilled using the Ocean Nomad rig and well operations are currently anticipated to last approximately 26 days in the dry hole case. The well will be drilled to an estimated target depth of 5,028 feet Measured Depth Below Rotary Table ("MDBRT") or 4,920 feet True Vertical Depth Sub Sea ("TVDSS"). 

 

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 van Erp

 

Tel:  0207 448 0200

 

Cardew Group

Shan Shan Willenbrock

Lauren Foster

 

Tel:  0207 930 0777

trapoil@cardewgroup.com

**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 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.

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Magnolia Update - RNS