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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.

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