Trapoil pursues multiple North Sea drilling opportunities

Offshore staff

LONDON – Trapoil has outlined its potential exploration drilling schedule in the UK North Sea over the next two years.

This year the company and partner Noreco have acquired 3D seismic over the Bordeaux and Brulé discoveries in license P.1768, blocks 14/14b, 18c, and 19c. The data are being used to increase understanding of the prospects prior to drilling.

A step-out well could be drilled around one of the discoveries next year or early 2014 in an attempt to prove commercial oil volumes. Any development in this area should lead to several more wells as there are numerous tie-in options.

Next year Trapoil expects to drill two wells with operator Caithness Oil, the first being an appraisal well on Knockinnon in license P.1270, block 11/24, followed by an exploratory well on the potentially large Forse prospect in license P.1286, block 11/23.

Both wells were due to be drilled in 2011-2012, but timing is delayed due to various force majeure events raised by Caithness. The UK government is aware of the situation and Caithness is currently finalizing the necessary license extensions.

Trapoil is also talking with various parties about drilling the high-pressure/high-temperature Inverewe (ex-Kew) prospect in license P.1864, block 9/24d.

However, due to the technical challenges, it could take a further year to secure a drilling commitment, and an operator needs to be in place before year-end. Trapoil understands that JX Nippon remains in favor of drilling an appraisal well, subject to the involvement of a new partner to replace Centrica.

Finally, Trapoil’s partner Suncor has committed to drill the Niobe structure in license P.1889, blocks 12/26b and 27.

9/26/2012

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