North Sea operator Trap Oil says it expects its new North Sea consortium to prove successful in the next licencing round after drawing in big name firms from around the world.
The company, which posted a half-year profit of £1.4million, has struck deals with Middle East giants Taqa, Cieco and Japanese energy firm Japex to launch bids for licences in the 28th round, which is set to get underway in January.
The new group replaces a previous partnership with Noreco and Suncor Energy.
“We are delighted to have secured a strong strategic consortium to assess future exploration and appraisal opportunities ahead of and during DECC’s forthcoming UK 28th Seaward Licensing Round with the economics for the Group based in part on our demonstrably valuable carried interest model,” said chief executive Mark Groves Gidney.
Trap Oil, which sold off its Moray Firth interests to IGas earlier this month, has been buoyed by success from its farm in last December to the Athena field.
A recent fault on one of the Athena wells has reduced output from the field, with discussions underway whether repair work a new well would be the best method of fixing the problem.
The company said it was looking to up its exploration programme for the next year, and is awaiting the go-ahead to appraisal work on the Trent East, Orchid and Surprise prospects.