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.
After that, Trap Oil reported that the working interests of the remaining partners in exploration Licence P.1556 would become Trap Oil, Valiant Exploration and Atlantic Petroleum UK.
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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.
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