Trapoil provides operational update in respect of the Athena Oil Field, Licence P.1293, Block 14/18b, in which Trapoil holds a 15 per cent. equity interest.
The Athena partnership group (the 'Athena Consortium') has entered into an agreement to amend the terms of its existing contract with BW Offshore (UK) Limited, the provider and operator of the Athena Floating Production, Storage and Offloading vessel.
Under the terms of the amended contract, the Athena Consortium will make an advanced payment of a demobilisation fee and from June 2015 will share net cashflow from the field with BW Offshore. Both parties have the right to terminate on a 60-day notice period.