Trapoil: Operational Update on Athena Oil Field (UK)

Trapoil, the independent oil and gas exploration, appraisal and production company focused on the UK Continental Shelf region of the North Sea, announces that it has been notified by the Athena field operator (Ithaca Energy Inc.) that further to its recent diagnostic testing, including an investigation of the ESP installed in the “P4” well in the Athena Field, the fault has yet to be rectified.

The pump failure in the P4 well has reduced the gross field production by approximately 1,400 barrels of oil per day (“bopd”) (210 bopd net to Trapoil). Current production from the field is therefore running at approximately 7,500 bopd (1,125 bopd net to Trapoil). The field’s partners are currently assessing the most appropriate remedial actions, which may include repairing or a work over of the existing well or the potential drilling of a new well. The Company considers that it is currently unlikely that production will be restored to its optimum level prior to Q2 2014. A further update will be provided in due course.

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Press Release, September 16, 2013