Trapoil set to acquire fellow UK independent

Offshore staff

LONDONTrapoil (AIM: TRAP) has agreed to acquire the entire share capital of Jersey Oil and Gas E&P (JOG).

Assuming the acquisition goes through, the company says it would assess and acquire potential further North Sea oil/gas producing assets, some of which have already been identified by JOG and are currently subject to commercial negotiations.

JOG is an independent oil and gas company based in Jersey in the Channel Islands offshore northwest France, where the tax regime is more beneficial to investors than in the UK.

Trapoil’s UK North Sea interests include the Magnolia and Romeo discoveries.


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