Trap Oil to buy Summit Petroleum's stake in Orchid Oil Discovery

Trap Oil has entered into a definitive sale and purchase agreement 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 from Summit Petroleum.

Trap Oil has entered into a definitive sale and purchase agreement 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 from Summit Petroleum.

Completion of the acquisition, which is for a cash payment of £1.5m, is conditional upon, inter alia, receipt of requisite Department of Energy and Climate Change and partners' consents.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

There are currently no work programme commitments outstanding to either DECC or the licence partners.

Trap Oil is an independent oil and gas exploration company focused on the UK Continental Shelf region of the North Sea.

The company's share price was unchanged at 14.25p at 09:50 following a day high of 14.50p.

MF

MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.