Trapoil agrees to operate newly assigned offshore UK block

Offshore staff

LONDON – Trapoil (AIM: TRAP) has completed a farm-in agreement with Extract Petroleum concerning acreage awarded under the UK’s recent 27th seaward licensing round.

This comprises one promote license (P.1938) covering 13 blocks and part-blocks, and extending over 1,026 sq km (396 sq mi). Subject to regulatory approval, Trapoil will take a 100% operating interest, with Extract retaining a 1% royalty interest over any future production.

Trapoil will fund and perform a preliminary evaluation of the potential for production from tight reservoirs on the blocks, following acquisition of 2D and 3D seismic data. If results look encouraging, the company intends to seek partners to ultimately drill one or more wells.

In that case, Trapoil would look for a carried interest in the initial drilling phase in return for its upfront work in developing the prospects to a drill-ready stage.

Elsewhere in the UK sector, the company is a partner in the recent Suncor Energy-operated well that discovered oil on the Romeo prospect in the central North Sea (P.1666, block 30/11c).

The tight hole well was drilled to 15,051 ft (4,587 m) TVDSS. It encountered hydrocarbons at three different stratigraphic levels within the Jurassic and Triassic totaling 200 ft (61 m) of gross oil pay. The oil was of a similar type to the nearby Fulmar field and was recovered to the surface from one of the three zones.

Another fluid sample, recovered from a second stratigraphic level, is being analyzed. No cores were cut but wireline evaluation was performed. However, a planned wireline had to be shelved due to poor hole conditions.

The well is now being P&A’d. Trapoil believes a further well is warranted on the northern side of the structure where the seismic character is different to that penetrated by the discovery well.

Drilling was performed jointly with Total E&P UK, which operates neighboring block 29/15a on P.1816.

1/25/2013

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