Trapoil announces an update covering arrangements with Norwegian Energy Company UK Limited (Noreco).

Background

Trapoil, via its wholly owned subsidiary Trap Oil Limited, holds a 22 per cent. working interest (17 per cent. paying and 5 per cent. carried interest) in Licence P.1650 (Block 14/13) ("Crazy Horse") and a 50 per cent. working interest (45 per cent. paying and 5 per cent. carried interest) in Licence P.1989 (Blocks 14/11, 12 & 16) ("Homer") which were acquired by the Company in February 2009 and January 2013 respectively as part of successful 25th and 27th Licence Round awards. Noreco owns the remaining equity in respect of these licences and is the operator.

In addition, Trapoil holds a 12.5 per cent. carried interest in Licence P.1666 (Block 30/11) ("Romeo"). The other partners in Romeo are the operator, Suncor Energy UK Limited ("Suncor"), which holds a 57.857 per cent paying interest, First Oil and Gas Limited ("First Oil"), which holds a 17.143 per cent paying interest, Total E&P UK Limited ("Total"), which holds a 13.5714 per cent. paying interest and Noreco, which holds a 11.4286 per cent. paying interest.

Tags: Norwegian Energy Company ASA, Trapoil