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.
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