Trapoil Acquires 45 Pct Stake in Orchid Oil Discovery, UK
Trapoil, the independent oil and gas exploration, appraisal and production company focused on the UK Continental Shelf (“UKCS”) region of the North Sea, announced, further to the Company’s announcement of 7 January 2013, that it entered into a definitive sale and purchase agreement on 11 March 2013 in relation to the acquisition of an additional 45 per cent working interest in Licence P.1556, Block 29/1c containing the Orchid oil discovery (the “Acquisition”) from Summit Petroleum Limited for a cash payment of £1.5 million.
Completion of the Acquisition is conditional upon, inter alia, receipt of the requisite Department of Energy and Climate Change (“DECC”) and partners’ consents following which the working interests of the remaining partners in exploration Licence P.1556 will become Trap Oil Limited (60 per cent. and operator), Valiant Exploration Limited (30 per cent.) and Atlantic Petroleum UK Limited (10 per cent.). There are currently no work programme commitments outstanding to either DECC or the licence partners.
Press Release, March 12, 2013