Trap Oil Group plc the independent oil and gas exploration and appraisal company focused on the UK Continental Shelf (“UKCS”) region of the North Sea, announces its results for the period ended 30 June 2012.
Commenting on the results, Mark Groves Gidney, Chief Executive Officer of Trapoil, said, “The Company continues to be very well placed: drilling has just started at the first of two high impact wells, either one of which could be transformational; we are in the process of completing the Athena acquisition which together with Lybster moves the Company into production; and results are shortly expected from the eight applications put forward in the 27th Licensing Round. These activities have all been progressed against the backdrop of one of the more challenging periods for North Sea E&P businesses. As importantly, the Company is in a financially healthy position with the capacity to fund its near term commercial objectives.”
1st Half 2012
· In March 2012 announced the proposed acquisition of a 15 per cent. interest in the Athena Oil Field:
1. Consent received from the Secretary of State for Energy and Climate Change for the proposed transfer of an initial 10 per cent. working interest in the Athena Oil Field from Dyas UK Limited
2. Awaiting final approvals from partners and BW Offshore
3. Production flow rate estimated to be c.11,000 bopd
· First oil achieved from Athena Oil Field and Lybster well
· Raised £4.3m (before expenses) via an institutional placing in June 2012
· Loss before and after taxation reduced to £1.55m
Expected in 2nd Half 2012
· Drilling of two high impact wells, Romeo and Scotney, either one of which could, if successful, be transformational
· Further progress towards completing the proposed acquisition of a 33.33 per cent interest in Trent East, estimated to contain c.40-60bcf (gross) of resources and Trapoil to become operator
· Results due from eight applications made in the 27th Licensing Round where extensive use was made of the Group’s access to the unique CGGVeritas 3D seismic data
Mark Groves Gidney, continued, “Looking ahead, we will continue to stick to our business model of building an active drilling programme leveraged primarily by carried interests with leading international partners who are also targeting wells with near term cash potential and are keen to exchange higher upfront investment costs for access to our expertise in identifying high quality exploration opportunities in the UKCS.
Press Release, September 26, 2012