Trap Oil Group PLC provided an operational update in respect of its Romeo exploration well and certain licence relinquishments. Further to the company's announcement of 27 December 2012, field operations are now close to being completed on the Romeo (Licence P.1666, Block 30/11c) exploration prospect ('Romeo'). This 'tight hole' exploration well has been drilled to a depth of 15,319ft Measured Depth (15,051ft Total Vertical Depth Sub Sea) in accordance with industry standard High Temperature High Pressure practices and has therefore reached its targeted total depth and has satisfied the licence obligation.

The well encountered hydrocarbons at three different stratigraphic levels within the Jurassic and Triassic comprising in aggregate some 200ft of gross oil pay. The oil encountered was of a similar type to the nearby Fulmar Field and was recovered to the surface from one of the three zones. Another fluid sample was recovered from a second stratigraphic level and is currently being analysed.

No cores were cut but an extensive wireline evaluation has been undertaken. A wireline test was planned but had to be cancelled due to poor hole conditions. No drill stem tests have been conducted.

Having suffered drilling delays due to adverse weather conditions and operational difficulties, the well is now being plugged and abandoned in accordance with the partnership group's agreed work programme. Trapoil's management currently believes that an additional well penetration is required on the northern side of the structure where the seismic character is very different to that penetrated by the subject well. Further appraisal work is required in order to fully evaluate the potential of the Romeo prospect and provide guidance on oil volumes.

Trapoil announces that with effect from 9 January 2013, it has relinquished, to the Department of Energy and Climate Change, its interests in three Promote Licences, being Inverewe (Licence P.1864, Block 9/24d) ('Inverewe'), Lytham (Licence P.1856, Blocks 41/5, 10 & 42/1) ('Lytham') and (Licence P.1859, Block 43/24d) ('P.1859'), together with one Traditional Licence, Sienna (Licence P.1776, Block 16/23b) ('Sienna').