.

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.

.

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

ouch!!!!!!!!!!

Someone has been Trap?

maybe with the holdings in the PORT also

Que sera sera........... sometimes you win sometimes you lose

Oh dear, the latest ramp not going at all well. Couldn't happen to a nicer person.

Picked up a load of stock under 14.5p today, lovely jubbly.

Scotney well next, spudding late Jan and due to result end of Feb.

P50 would be worth 18p a share to TRAP on oil discovery - not long to wait.


Very rare you get a stock like this, over 2m pounds a month in revenue, tax free for some time. Over 6.5m cash in the bank, free carried on drills to first oil and 3 drills coming, 1 high impact (Scotney) 1 normal (Magnolia) and then 1 very high impact (Crazy Horse).

Just shows how stupid people are if they sell this below 14.5p but then again, if they do not sell I cannot buy, and buy I did :)

6 weeks to next well result :)

Lol - course you have - 7p target for 6 weeks time

''Very rare you get a stock like this'' lol

A raging buy at 16p......... and condensate is worth sooooooo much........

Needs some ramping, lol, Down 4%. Tangiers petroleum up 2.5%

dreamcatcher am sure Pro will be along soon.

Perhaps he has done a runner marky, no he would not do that. The captain is normally last off a sinking ship. :-))

Haha........you will go on the ban list if you carry on

.

Another winner from P. His/her Jan post:

Picked up a load of stock under 14.5p today, lovely jubbly.

Scotney well next, spudding late Jan and due to result end of Feb.

P50 would be worth 18p a share to TRAP on oil discovery - not long to wait.


Very rare you get a stock like this, over 2m pounds a month in revenue, tax free for some time. Over 6.5m cash in the bank, free carried on drills to first oil and 3 drills coming, 1 high impact (Scotney) 1 normal (Magnolia) and then 1 very high impact (Crazy Horse).

Just shows how stupid people are if they sell this below 14.5p but then again, if they do not sell I cannot buy, and buy I did :)

6 weeks to next well result

Trapoil widens annual losses, blames impairments
Thu 28 Mar 2013



LONDON (SHARECAST) - Trapoil on Thursday posted an annual loss as the oil and gas explorer was hit by impairment charges from unsuccessful licences in the UK.

The group widened its 2012 loss before tax to £10.9m from the previous year’s £4.5m, reflecting a non-cash impairment charge of £6.8m after relinquishing Inverewe, Lytham and Sienna licences and the Magnolia exploration well in the UK.

Technical and employment costs of developing projects to the drilling stage also impacted results.

Nevertheless, Trapoil generated £1.7m revenue, compared to £0.8m in 2011, driven by partnerships with Suncor and Noreco and production income from the Lybster field in the North Sea. First oil production of 50,027 barrels was achieved from Lybster.

Cost of sales of £9.8m were incurred in supporting assets including Lybster, up from £0.8m the year before.

"In a very challenging industry and market environment, Trapoil has successfully established strong foundations for further growth via the sizeable corporate, asset and financing transactions executed since its IPO [initial public offering]," said Chief Executive Officer Mark Groves Gidney.

"We will endeavour to commercialise our existing discoveries and continue to build exciting exploration programmes as we look forward to the further opportunities ahead."

Shares fell 3.51% to 13.75p at 11:06 Thursday.

Mining and Resource Investor Evening - London - 23rd January 2014



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Venue: Novotel Tower Bridge, 10 Pepys Street, London EC3N 2NR

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Companies Presenting:



Alecto Minerals (AIM:ALO)

Alecto Minerals Plc is an African focussed, gold and base metal exploration and development company listed on AIM.

The on-going development of the Kossanto Gold Project in Mali is the Company’s predominant focus and with significant value upside potential evident across the tenure, the Board plans to build on its current resource of 2.35 million tonnes at a grade of 1.42 g/t in the near term. Alecto also has a joint venture with Centamin over two prospective gold exploration licences in Ethiopia which sees Alecto retain exposure to the assets with no capital expenditure, as well as the wholly owned Wad Amour IOCG Project in Mauritania which is at exploration status. Combined, these projects provide the Company with a strong, diversified portfolio with exciting exploration upside potential.

Speaker: Mark Jones, CEO


FASTNET OIL & GAS (AIM:FAST)

Fastnet Oil & Gas (AIM:FAST) is an independent oil and gas exploration company focused on early stage exploration and appraisal opportunities in Africa and Ireland. Fastnet has a highly experienced management team with a proven track record of generating significant shareholder value in the oil and gas industry. The Company has moved quickly to assemble an exciting portfolio of exploration prospects offshore Morocco and in the Celtic Sea, offshore Ireland.

To see a short video from Managing Director Paul Griffiths covering the investment opportunity planned for Morocco click on link below:

http://reut.rs/1b9fsPe

Speaker: TBA


Trap Oil (AIM:TRAP)


Trap Oil Group Plc was founded in 2008 by a team of experienced industry executives with a broad range of oil and gas technical, operational and financial expertise and professional skills.

Trapoil has developed long term relationships with key oil industry partners and major suppliers and consultants including CGG Services (UK) Limited ("CGG") and Applied Drilling Technology International.

The Company utilises a research-led, knowledge-based approach to identify and deliver promising exploration and appraisal opportunities, and to this end has secured extensive long-term access to CGG's state of the art 3D seismic database over the majority of the Central North Sea area on negotiated terms. CGG is a leading pure-play geophysical services and equipment provider. Access to such 3D seismic data serves to strengthen the Group's ability to create opportunities on both open and held acreage in the UKCS.


MORE COMPANIES TO BE ANNOUNCED

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Begging bowl out soon.