UK independent explorer Trapoil has been forced to give up a string of licenses in the North Sea after failling to find farm-in partners to help fund work.
The firm, which last year cuts its staff and saw its founders leave, "to maintain value," said "a number of other Trapoil's other licenses have come to the end of their license period and 'despite rigorous attemps to farm these out, we have been obliged to relinquish these, in accordance with the term of the licenses.
"The licenses include P.1267, Blocks 12/25a & 13/21b (Surprise & Nutmeg), P.2026 Block 16/18c (Savannah), P.2032, Blocks 21/8c, 9c, 10c, 14a & 15b (Valleys) and P.1938 Blocks 3/2c, 4c, 7d, 9c, 13b, 14h,14j, 16/12b, 17c, 211/22b, 27d, 28b & 29b (Unconventional).
Despite the set back, the firm continues to be involved in drilling. It says a contract has been signed for a jackup drilling rig for the drilling of a well to test the Niobe prospect (formerly named Kratos) in Blocks 12/26b and 12/27 in the UK North Sea.
The well, part of License P.1889, operated by Canadian exploration and production firm Suncor, is planned for 2Q 2015, and will fulfill the outstanding work obligation attached to the license, says partner Trapoil.
Partner Noreco says Niobe is in a Jurassic stratigraphic pinch-out trap, up-dip of the proven Beatruce oil field in the Inner Moray Firth. Noreco, based in Norway, says it has 7–175MM boe net P50 resources. The well is on schedule to be drilled in Q2/Q3 2015.
Trapoil also announced that it was awarded license P2170, containing Blocks 20/5b and 21/1d, with 50/50 partner CIECO Exploration and Production, in the UK North Sea 28th licensing round.
The Athena oil field, operated by Ithaca Energy, in Licence P.1293, Block 14/18b, has stabilised at gross production rates of approximately 4800 bo/d (720 bo/d net to 15% interest holder Trapoil) following the work over on the P4 production well and further intervention work on the P1 and P3 production wells.
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