Trapoil announces proposed acquisition of Orchid oil discovery

Trap Oil on Monday announced it has put in an offer to acquire a further interest in the licence containing the Orchid oil discovery in the Central North Sea.

Trap Oil on Monday announced it has put in an offer to acquire a further interest in the licence containing the Orchid oil discovery in the Central North Sea.

The oil and gas exploration company has entered into non-binding heads of terms to potentially buy an additional 45% working interest in Licence P.1556, Block 29/1c from Summit Petroleum for £1.5m in cash.

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