OIL and gas explorer Trap Oil has secured a 33.33% share in the Trent East Terrace Area (TET) from Perenco UK with a view to becoming the operator.
It has committed to securing a drilling rig for licence P685 in the Silverpit Basin in the Southern North Sea within six months.
Trap Oil said it expects its share of the drilling cost will be around £5 million and it will also provide a £700,000 letter of credit to cover its shares of the abandonment liability of the 43/24a-3 well, which was drilled in 1993.
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