Trapoil buys North Sea interest

Oil and gas exploration firm Trapoil has bought a 15% interest in a North Sea field for about £34.5m.

The company, which has offices in Aberdeen and London, acquired the share in the Athena oil field from Dyas UK.

The deal is subject to approval by the UK Department of Energy and Climate Change and Dyas' partners.

Trapoil, which focuses its operations on the UK Continental Shelf (UKCS), said it would buy the interest in stages by 31 October.

The Athena field will be developed via four existing production wells and one water-injection well tied to a floating production, storage and offloading unit.

Trapoil chief executive Mark Groves-Gidney said Athena represented a "game changing, cash generative production deal" which met a commitment from the time the company floated last year to buy producing assets.

He said: "This moves us from being a minor exploration player into being a more significant player. There are not many such producers in the UK."

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