Project Profile
Value: US$7.4 million (estimate)
Location: Block 29/1c, PL 1556 in the UK sector of the North Sea
The Orchid prospect is located on Block 29/1c in Production License 1556 in the UK sector of the North Sea. In 2015 Trapoil decided to relinquish Licence P.1556 Block 29/1c (\'Orchid\'), which was becoming unduly expensive to maintain. The decision to relinquish this additional licence was taken in conjunction with our partner following extensive efforts to secure a potential farm-out. The impairment charge associated with the relinquishment of Orchid, to be recorded in the Company\'s results for the current financial year to 31 December 2014, is expected to amount to approx. US$7.4 million.
Operator:
Trap Oil: Operator with 60% interest
Valiant Petroleum: 30% interest
Atlantic Petroleum: 10% interest
Contractor:
Transocean: Drilling contractor with Sedco 711