Trapoil Buys 33.33% of Trent East Terrace Area
UK North Sea-focused junior Trapoil announced Friday that it has agreed to buy one-third of the Trent East Terrace (TET) Area license in the southern North Sea from Perenco UK.
In return for its 33.33-percent share in Block 43.24a, where the TET Area is located, Trapoil has committed to securing a drilling rig within six months for a planned appraisal well. Trapoil’s share of the drilling costs is expected to be approximately $8 million.
It is also intended that Trapoil will be the operator of the TET Area, subject to approval from the Department of Energy and Climate Change.
TET has proven gas in the Carboniferous Westphalian and Namurian reservoirs, with gross recoverable gas resources estimated by Trapoil's management to be between 35 and 60 billion cubic feet. Trapoil's management believes that the proposed drilling of a new appraisal well could potentially recover closer to 60 bcf if all of the main porous gas-bearing sands flow at commercial rates. The existing 43/25-3 discovery well drilled by Arco British Limited flow tested from two of the five potential sands at an aggregate rate of 50 million cubic feet of gas per day.
Trapoil CEO Mark Groves Gidney commented in a company statement:
"The farm-in to the TET asset enables the group to secure operatorship, subject to DECC's approval, and therefore exercise greater control over the scheduling of our work program. In addition, this relatively straight forward gas development project, in conjunction with the promising exploration potential in the adjacent acreage, offers the prospect of attractive cash flow for the group in the medium term."
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- I Squared Eyes Full Ownership of Europe Gas Storage Firm
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension