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This was the latest comment from Ithaca on Athena, good production and still no water, which bodes well.

http://www.investegate.co.uk/ithaca-energy-inc-(iae)/rns/third-quarter-2012-financial-results/201211120700098322Q/

........Production from the Athena field stabilised at a gross rate of 10,000 to 11,000 barrels of oil per day ("bopd"), 2,250 to 2,475 bopd net to Ithaca, with the field continuing to produce "dry" oil.........

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Update from Paul Curtis (he holds over 3% of TRAP shares) :

http://boards.fool.co.uk/quick-update-on-trap-re-athena-fridays-rns--12712174.aspx

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High Pressure and High Temperature could be reasons for any prolonged drilling at Romeo - a detailed description of Romeo is below.



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http://www.mediafire.com/?c52u24is7uylg01

Page 11 of this presentation suggests given that Romeo is an HPHT well then as this presentation was done a month after the final re-spud date of 28th Sept, it suggests we are now into "option" time which would suggest to most people Romeo is undergoing testing.

The next well, Scotney appears due for spud mid-January. Given P&A time suggests news first week of Jan for Romeo.

Being ramped on other sites by someone called Pro_S2009
Just read about trap oil on LSE you dont have a good name their either

.Arminius
Posts: 282
Today 11:29

I do wonder if people are not waking up to the fact this is just another Pro-S2009 aka Proselenes aka @proselenes raaaamp.

The simple fact that the user pro s2009 aka proselenes has been suspended on Hotcopper a moderated and monitored board should alert everyone.

The simple fact that so many are trying to ramp and pump and hype and promote this should act as a big red warning flag to any private investors - when they are all trying to ramp you into buying - it means someone wants to sell out and wants you to be holding the stock when things go wrong, if they do.

Well, Simon Cawkwell did just tip it as one of the stocks for 2013, and he says anything up to 200p is possible....... so is that ramping....... LOL

People need to learn, buy undervalued stocks while they are low..... simple really, this was a strong buy at 16p and now Athena deal done, one drill result coming and 3 more drills all in a row to come in 2013.

Lovely stock - buy low..... simple really. That chart shows what a stonking buy TRAP is.... thanks for posting it.

Wasn't EK in Ruspetro? Rampety rampety as usual.

Write up for TRAP for 2013

http://boards.fool.co.uk/nfsc-2013-lontrap-trapoil-12715326.aspx

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http://t1ps.com/shop/page-article/action-article.show/id-130020762

"Trap Oil (TRAP) was floated at 43p in earlyish 2011 and it has been downhill thereafter to, now, 16p, capitalising the company at £36m. Regardless of merit, many junior oil exploration shares have been similarly treated this last two years. I am not sure of the reason but I am certain that the result has been foolish - institutional investors having taken their placing tire of hanging around. The result is a constant drip drip drip of sales and, in a sense, it is impossible to know when it comes to an end.

Trap's MD, Mark Groves-Gidney, feels aggrieved. This is partly because he has put his life's savings on the line in this company to no effect yet in market terms but mainly because Trap has delivered on the balance of probabilities and the market flatly refuses to recognise this.

He is 53 years old and cannot jump ship and start off again elsewhere. He is a poker player by nature and keeps his eye firmly on the prize and therefore does not needlessly go out on a limb. For instance, I tried to induce him into agreeing that Clegg is a moron - a palpably sensibly proposition. But he was not having any of it. He demurred - no doubt on the grounds that he might just conceivably end up dealing with a LibDem in HMG where there is no case for antagonising those with whom he must do business. Mark is a serious player.

He is an expert on North Sea oil exploration licences and Trap's business is to identify opportunities and get others to finance them. Very sensible. But not easy.

Until last Friday, it kept a large supply of cash to fund its betting. Banks do not lend to companies like Trap and investors can't be bothered. Caution dominates Trap's policy.

However, on Friday, Trap came out to play and completed a deal with Dyas in respect of its 15% interest in Ithaca Energy (IAE)'s Athena producing field. Trap paid £19m, leaving £8m over for whatever. For this Trap gets £2m a month for, Trap hope, considerably more than twelve months. Trap reckon on 14m barrels coming their way whilst Ithaca think it might be 26m (it all depends upon recoverability in practice). But, with a bit of luck, Trap might make a very good profit. As ever, luck plays its part but Trap's shareholders are betting on Mark's judgement. That does not seem silly to me.

Elsewhere there is drill result after drill result on its way. One is Romeo where Trap has 12.5% and operated by SunCor. Drilling started here 97 days ago and target depth (circa 15,000 ft.) should have been hit at 75 days. Why is the operator still down there? It might be drilling delays followed by a plug and abandonment. But there might be oil there: if so, will it flow averagely or big time? Either way it is, on the balance of the probabilities, worth millions of pounds to Trap. This could be between 10p and 40p per share to Trap.

Trap also has hopes at Scotney, Magnolia, Crazy Horse, Brule, Bordeaux, Niobe and others. It is of course impossible to value these with a high degree of accuracy. But, on a per share basis, these might tot up to 200p collectively. Trap can surely only go upwards. 16p is ridiculously low."

Careful with this one.

ADVFN poster "sranmal" has just done a write up on TRAP, link to PDF file version is here

http://www.mediafire.com/?fl1th4fdlant1us

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Has EK put a short rec on this??

lizard, no, EK said "BUY". Potential 200p.

And I agree with the man. Want to know why the potential is there, then read this.

http://boards.fool.co.uk/nfsc-2013-lontrap-trapoil-12715326.aspx

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Some potential news next week could be an Inverewe update. Centrica paid TRAP 1.5m as a walkaway fee, leaving Inverewe (previously known as Kew) being 80% TRAP and 20% Nippon.

There is nothing in the price and everyone expects them to drop this and not bother to drill, but you never know, someone might farm in by the 9th January and give TRAP a free carry.

Its an appraisal well to be drilled, condensate has been discovered.

Last update is on the below link :

http://www.investegate.co.uk/trap-oil-group-plc-(trap)/rns/company-update/201209170700123631M/


The P50 is around 70mmbo recoverable of condensate - which at the moment would be net to TRAP 56mmbo condensate with their 80% work in.

The range is from 28mmbo recoverable to 161mmbo recoverable condensate.

The issue is well cost - not cheap - expected to be around £40m. Nippon with their 20% are willing to go ahead what it needs is TRAP to find someone willing to take on say 60% or 65% work in and give TRAP a free carry on drill and development costs - this would allow this prospect to have some value for TRAP.

Anyway it carries no value at the moment in TRAP's low market cap, the "promote" period ends 9th January so there will be news soon, if they drop it then its expected giving the market cap is carrying no value for it, there is upside if they find someone to farm in as it will have some value then.


(Quite funny isn't it, here is TRAP with possible 161mmbo condensate (80% owned) in the North Sea and looking for a farm in partner - and yet BOR have possible up to 200 mmbo (100% owned) condensate in the South Falklands and some people are "certain" for BOR it will be farmed out........... One place infrastructure is in place and simple to develop....... the other place has no infrastructure and presently impossible to develop)

TRAP start to use their Athena cashflow to good use.

http://www.investegate.co.uk/trap-oil-group-plc-(trap)/rns/proposed-acquisition/201301070700078849U/

Would move them to having 60% of Orchid, which has, in TRAP's estimate, 40mmbo in place.




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Well I am expecting news any time now.

Well was 78 days "dry hole basis".

16 days delay as per last RNS due to re-spudding and then weather.

Thats makes 94 days "dry hole".

Add on 14 to 16 days for completion and testing on a discovery gives 108 to 110 days.

Yesterday was day 108 - so if they completed testing in 14 days then news should now be coming anytime from today onwards. So unless there has been further weather delays or mechanical failure - I expect them to report imminently on what they have found and how testing went - any good or not.

http://www.scotsman.com/business/management/trap-oil-plucks-orchid-discovery-as-drilling-trio-unveil-overseas-plans-1-2722931

Trap Oil plucks Orchid discovery as drilling trio unveil overseas plans

Scottish oil firms have revealed a string of expansion moves across the globe. Picture: Getty Image

By PETER RANSCOMBE
Published on Tuesday 8 January 2013 00:00


DRILLING firm Trap Oil is buying a majority stake in the Orchid oil discovery in the North Sea, while a trio of Scottish explorers unveiled plans to drill for oil across Africa, Europe and the Middle East this year.


Trap, which took over Aberdeenshire-based Reach Oil & Gas in 2011, will pay Summit Petrol-eum £1.5 million in cash for its 45 per cent stake in Orchid, to the east of Peterhead.

The deal, which needs to be approved by the Department of Energy & Climate Change (DECC), would take Trap’s holding to 60 per cent.

Aim-quoted Trap has also applied to DECC for permission to take over as operator of the discovery from Summit Petroleum.

Valiant Exploration holds a 30 per cent share in Orchid, while Atlantic Petroleum has the remaining 10 per cent stake.

Mark Groves Gidney, Trap’s chief executive, said: “I am pleased we have managed to secure this opportunity to potentially increase our existing interest and move this asset forward in the short term.

“It marks another step towards Trap Oil becoming a well-established and recognised operator in the UK North Sea.”

News of the potential deal came as three oil companies laid out their drilling plans for the year ahead, spreading Scottish workers and their expertise across the globe.

Petroceltic, the Aim-quoted driller that took over Edinburgh-based peer Melrose Resources last year, expects to drill ten wells, with five exploration holes spread across Bulgaria, Egypt, the Kurdistan region of Iraq and Romania.

A further five development wells will be drilled, consisting of four in Egypt and the resumption of work at its Kaliakra discovery in the Romanian sector of the Black Sea.

Chief executive Brian O’Cathain said: “This announcement clearly demonstrates the scale and diversity of the Petroceltic business following the merger with Melrose Resources in October.

“Our business is now generating strong cash flows, undertaking active exploration in five countries and moving into development of the world class Ain Tsila gas-condensate project [in Algeria].

“We anticipate an exciting year ahead, with a sustained exploration drilling programme, which offers exposure to a diversified portfolio of prospects including the company’s first well in Kurdistan.”

Petroceltic is one of house broker Davy’s “top picks for 2013”, with analysts highlighting the increased flow of news.

Stock market newcomers Bridge Energy and Eland Oil & Gas also delivered operational updates, with the Aberdeen-based pair targeting the North Sea and Nigeria respectively.

Bridge, which joined Aim in September and is also listed in Oslo, confirmed plans to drill three exploration wells and said it will continue to look at acquisition targets.

Eland, which also made its Aim debut in September, said it expects to produce 2,500 barrels of oil a day from its OML 40 onshore licence in Nigeria by the end of March. Shell drilled OML 40 in 1964 but production shut down in 2006.

http://www.investegate.co.uk/trap-oil-group-plc-(trap)/rns/operational-update/201301091415261906V/

Update out - 200 feet gross oil pay but needs another well to prove up.

Good result finding oil just a shame needs another well to prove up volumes. Now sit back and wait for Scotney well, due to spud when Romeo is finished P&A.

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Have you sold yet pro? 16% down in two days.