LONDON (ShareCast) - Trap Oil Group has started drilling on an exploration well in the Magnolia licence in the North Sea.
The company is targeting an estimated depth of 4,920 feet True Vertical Depth Sub Sea at the licence which has been mapped as a prominent ridge plunging southwards from the Halibut Horst into the Smith Bank Graben, with the trap being shared between two blocks.
Targets include the Captain, Coracle and Punt sandstones within the Lower Cretaceous interval.
Operations at the well are expected to last around 26 days in the dry hole case.
Partners (Frankfurt: A0JJY6 - news) in the Magnolia licence on block 13/23a include Dana Petroleum, the operator with a 45% holding, Summit Petroleum with 25% and Atlantic Petroleum with 20%.
Trap Oil (Other OTC: TROPF - news) has a 10% carried interest.
Shares fell 0.89% to 13.88p at 11:15 Monday.