French supermajor Total has increased its North Sea presence after snapping up a 30% stake in the Valleys licence.
The deal will see Total taking a stake from Trapoil on the prospect, which sits between the Moray Firth and West Forties basins.
But Trapoil may choose to swap between 10% and 30% of its its remaining 19.375% stake in the prospect for an equivalent stake in Total’s Scaranish licence.
“The farm-out reflects Trapoil’s proven strategy of securing valuable carried interests. On completion, this transaction will reduce the Company’s overall currently committed capital expenditure, across all of its licence interests, to approximately £2m,” said Trapoil chief executive Mark Groves Gidney.
“The option to be involved in the Scaranish prospect offers Trapoil an exciting opportunity to be part of the drilling of a key well in the area.
“Information gained from drilling this well is likely to be important in unlocking the potential of our nearby Romeo discovery drilled earlier this year.”
The deal will see Total covering the costs of an exploration well for the site.
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