Trap Oil Group said yesterday it was on the brink of finally becoming recognised as an operator in the UK North Sea.
The Alternative Investment Market-listed company added it was close to gaining official operator status from the Department of Energy and Climate Change (DECC).
It had hoped to achieve DECC approval by the end of last year, but said yesterday the process had taken longer than expected.
Chief executive Mark Groves-Gidney added he was now hopeful it would be “done and dusted” by the end of next month.
London-based Trap said control of assets in its portfolio would allow it to heavily influence the work necessary in advance of them being sold or developed.
“Operator status is expected to pave the way for appraisals for its Knockinnon, Orchid and Surprise oil assets and Trent East gas interest.
Trap is looking to secure partners for drilling on Knockinnon, Orchid and Surprise. Mr Groves-Gidney said: “If we can secure the requisite funding, all of these wells could potentially be drilled in 2014.”
Announcing 2012 results, Trap said plans to drill numerous wells over three years meant it had an exciting future.
The company’s figures showed pre-tax losses of £10.86million, compared with a deficit of £4.53million in 2011.
Revenue from continuing operations grew to £1.67million in 2012, from £807,044 previously.