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.
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
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
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.
-
Review: Eden Roc Cap Cana – fun, sun and golf in the Caribbean
Travel Eden Roc Cap Cana in the Dominican Republic offers everything from relaxing by the pool to a world-class golf course
-
Reeves delays cash ISA reform, but savers are not out of the woods yet
The chancellor has reportedly delayed plans to cut the cash ISA limit, which were set to be announced at Mansion House on 15 July, and will take more time to consult with the industry