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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.