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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
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
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
-
Why CEOs deserve a pay riseOpinion The CEOs of big companies often come under fire for being grossly overpaid. But the truth, as per some economists, is the opposite. Do they merit a pay rise?
-
Europe prepares to stand alone as Trump turns on UkraineSupport for old military alliances is wavering in the US under Donald Trump. Europe’s leaders are rushing to fill the void. Simon Wilson reports
