Trapoil: Magnolia Exploration Begins (UK)

Trapoil, the independent oil and gas exploration, appraisal and production company focused on the UK Continental Shelf (“UKCS”) region of the North Sea, announces that operations have commenced on the Magnolia (Licence P.1610, Block 13/23a) exploration prospect.

The partners in Licence P.1610 are Dana Petroleum (BVUK) Limited (45.0 per cent., operator), Summit Petroleum Limited (25.0 per cent.), Atlantic Petroleum UK Limited (20.0 per cent.) and Trap Oil Limited (10.0 per cent. carried interest).

Magnolia is mapped as a 3-way dip closure and one-way pinch out onto the Halibut Horst. The structure is mapped as a prominent ridge plunging southwards from the Halibut Horst into the Smith Bank Graben, with the trap being shared between Blocks 13/22d (60 per cent.) and 13/23a (40 per cent.).

Drilling of this exploration well will satisfy the outstanding firm well commitment on Block 13/23a. Primary objectives are defined within the Lower Cretaceous interval with targets comprising the Captain, Coracle and Punt sandstones. The well is being drilled using the Ocean Nomad rig and well operations are currently anticipated to last approximately 26 days in the dry hole case. The well will be drilled to an estimated target depth of 5,028 feet Measured Depth Below Rotary Table (“MDBRT”) or 4,920 feet True Vertical Depth Sub Sea (“TVDSS”).

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Press Release, February 25, 2013