Trent East Terrace gas deal nears

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Trent East Terrace gas deal nears

Posted 24.07.2012 09:26:52 av John Bradbury

A small gas discovery in the UK Southern North Sea is due to to be taken over by a new operator near the Trent field.

Perenco UK and Trapoil are finalising an agreement for Trapoil to acquire 33.33% equity in the Trent East Terrace field area, in UK licence P685, block 43/24a.

Trapoil has already acquired 30% in two adjacent blocks, P1859, covering block 43/24b, and P1923, block 43/20c, from Hollywell Resources Limited – for a “minimal consideration,” the buyer says.

Trapoil reports that it remains in “advanced stage discussions,” with Perenco over P685, and: “Completion of the acquisition of an interest in Licence P.685 remains subject, inter alia, to negotiation and finalisation of a binding sale and purchase agreement and requisite DECC approval to enable Trapoil to assume the role of operator.”

Currently Trapoil says it expects to obtain DECC approval to become operator of Trent East Terrace before the end of the year.

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