Trap Oil: Update re Scotney Well

Monday, Feb 18, 2013

Trapoil (AIM: TRAP), the independent oil and gas exploration, appraisal and production company focused on the UK Continental Shelf ("UKCS") region of the North Sea, is pleased to announce that operations have commenced on the Scotney (Lence P.1658, Block 20/5b) exploration prospect ("Scotney"). The partners in Licence P.1658 are Suncor Energy UK Limited (28.75 per cent., operator), Norwegian Energy Company UK Limited (43.75 per cent.), First Oil and Gas Limited (15.0 per cent.) and Trap Oil Limited (12.5 per cent. carried interest).

Scotney is mapped as a four-way dip closure at the Base Cretaceous Unconformity level with Late Jurassic Tweedsmuir sands as the reservoir objective and best estimate gross prospective resources for the entire prospect of approximately 57 million barrels of oil equivalent ("mmboe") (approximately 7.1mmboe net to Trapoil, unaudited estimate by Trapoil's management). The well is being drilled using the Awilco WilHunter rig and well operations are currently anticipated to last approximately 36 days in the dry hole case. The well will be drilled to an estimated target depth of 10,690 feet Measured Depth Below Rotary Table ("MDBRT") or 10,580 feet True Vertical Depth Sub Sea ("TVDSS").

The Scotney well represents the continuation of Trapoil's ongoing exploration programme, with drilling of the next well, on the Magnolia prospect, anticipated to commence shortly.