Trapoil Well Set for UK's 28th Licensing Round

UK North Sea-focused junior Trapoil reported Wednesday that its preparations are now well advanced for the UK's 28th Seaward Licensing Round, which is expected to begin by the end of the current quarter. The firm said it looks foward to securing opportunities in the round that will enhance its existing asset portfolio.

Meanwhile, Trapoil, after consultation with the Department of Energy and Climate Change, has successfully retained and secured an extension until Dec. 21, 2014 of its interest in the P.1267 license (Blocks 12/25a and 13/21b), which contains the Surprise and Nutmeg oil discoveries. The firm, which holds a 90-percent stake in these assets, said that it has performed significant technical work on them and is also working to secure a suitable farm-out partner ahead of an appraisal well to assess flow rates and unlock upside potential.

Trapoil also reported that the Athena field, in which it holds a 15-percent stake, is currently producing at a rate of 7,000 barrels of oil per day (1,050 bopd net to Trapoil), compared to an already-reduced rate of 7,500 bopd at the end of December.

The firm said that the P4 well, which had been suffering issues with its pumping system, has been shut-in to monitor pressures and it continues to evaluate the most appropriate course of remedial action with the operator and other partners in the field. Trapoil added that at this stage the rate of depletion for the Athena field cannot be reliably predicted, but that it is expected to become more evident as the water cut rises during the year.