Trap Oil Group PLC announced that it has entered into non-binding heads of terms potentially to acquire an additional 45%. working interest in License P.1556, Block 29/1c containing the Orchid oil discovery from Summit Petroleum Limited for £1.5 million in cash. The proposed acquisition is conditional, inter alia, upon receipt of the requisite third party and Department of Energy and Climate Change consents and the execution of a definitive sale and purchase agreement in due course.

Trapoil and Summit have also agreed to work together to help secure the appointment of the company's subsidiary as operator of Licence P.1556, Block 29/1c (following Summit's proposed resignation as operator on completion of the transaction). On completion of the proposed acquisition, the working interests of the remaining partners in exploration Licence P.1556 will be Trapoil (60% and potential operator), Valiant Exploration Limited (30%) and Atlantic Petroleum UK Limited (10%). There are currently no work programme commitments outstanding to either DECC or the license partners.