Trapoil, the independent oil and gas exploration and appraisal company focused on the UK Continental Shelf (“UKCS”) region of the North Sea, has been advised by Summit Petroleum Limited that the 12 ¼” hole section of the Orchid well bore has been re-drilled as a mechanical side-track.
The partners in exploration licence P.1556 are Summit (45 per cent., operator), Valiant Exploration Limited (30 per cent.), Atlantic Petroleum UK Limited (10 per cent.) and Trapoil (15 per cent., of which 5 per cent. is carried and 10 per cent. is a paying interest).
A further update on the Orchid well which is being drilled under a turnkey arrangement, at no additional cost to Trapoil, will be provided after well operations have been completed.
Orchid marks the start of Trapoil’s 2012 exploration programme which it is currently intended will include the drilling of up to a total of seven wells targeting total best estimate net risked prospective resources of approximately 14.3mmboe (unaudited estimate by Trapoil’s management). Trapoil is being carried for the majority of these wells and anticipates contributing funds to only one other well in this planned drilling programme.
Source: Trapoil, April 23, 2012