The share price of Trap Oil oscillated after news of a £4.3m placing was followed by an encouraging production update from the Athena field operator Ithaca Energy. Funds from the placing could eventually secure a one-third stake in three North Sea blocks known as the Trent East Terrace (TET) containing recoverable resources estimated at 35-60bn cubic feet of gas. Ithaca confirmed that Athena is now producing at a daily peak rate of 22,000 barrels of oil, which would leave Trap with 2,200-3,300 barrels when it completes a staged acquisition of a 15 per cent stake in the field.
Ithaca confirmed that Athena is now producing at a daily peak rate of 22,000 barrels of oil, which would leave Trap with 2,200-3,300 barrels when it completes a staged acquisition of a 15 per cent stake in the field.
