Trap Oil bags three new North Sea licences

North Sea gas and oil explorer Trap Oil said it has been provisionally awarded three new traditional licences covering nine new North Sea exploration blocks.

Trap was given the provisional awards via the UK's 27th licensing round and will be carried out through its partnership with Noreco, of which it owns 50%.

"We are delighted to have received these provisional awards under DECC's 27th Licensing Round, a testament to our knowledge and expertise in the UKCS," said Chief Executive Mark Groves Gidney.

Subscribe to MoneyWeek

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

Get 6 issues 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

Sign up

"The attainment of operatorship is a key milestone in the company's development and positions us strongly," he added.

Amongst others, Noreco will operate on the flank of The Moray Firth, Witch Ground Graben, which lies in Trapoil's core exploration area immediately to the west of the Athena field and the Bordeaux and Brule discoveries.

CJ