il and gas explorer Trapoil said today it had sold out of the Premier-operated Lacewing asset for £1million and gave an update on its eight well 2012 drilling programme.
The independent said its share of projected £40million exploration well costs on UK North Sea high pressure high temperature Lacewing would tie up too much cash which could be used elsewhere, so it had sold, subject to approvals, its 10% interest to ConocoPhillips.
Mark Groves Gidney, chief executive at the firm, said the cash raised would go towards a goal of drilling eight wells a year, including this year.
Finance officer David Kemp said this year’s drilling campaign would start with the central North Sea Summit Petroleum-operated Orchid prospect in February – this had been set back from the end of last year due to weather delaying delivery of the drilling rig.
Next would be Magnolia, operated by Dana Petroleum, possibly in May, he said.
Quarter three 2012 would see drilling on Romeo, operated by PetroCanada, Scotney, operated by Suncor, and Crazy Horse, operated by Noreco.
Others lined up to be drilled this year were the Knockinnon and Burrigill
“We think we are one of the most active explorers in the UK, looking to drill eight wells this year,” said Mr Kemp.
The firm was also awarded three blocks in the 26th licensing round. These included the Niobe prospect, which Mr Kemp described as a key asset for the firm, and operatorship of the North Kelvin block, which will have seismic reprocessing carried out on it.