CPR Trap North Sea (UK)
SLR has completed an independent Competent Person’s Report (CPR) for the Trap Oil Group plc. The report comprised a technical review of information relating to Trap’s UKCS interests. The assets that Trap holds are all located within the North Sea and comprise 11 blocks or part blocks held under seven exploration licences. The licences are located in several different basins and include multiple play types. The CPR was included in the Admission document and Trap was successful in raising £60 million and admitted to AIM on 17th March 2011.
Trap Oil Group plc
- Produce an AIM compliant CPR.
- Interface with Trap and its advisors.
- Ensure the consistency and accuracy of the AIM Admission document.
SLR personnel undertook the following work:
- Review all the technical reports provided by Trap (both Trap and operator information).
- Review the seismic data and current interpretations.
- Compile prospect and lead inventory.
- Define the volumetric and reservoir parameters and calculate probabilistic reserve estimates for each prospect.
- Compile a consistent set of geological chance of success calculations for the prospects identified.
- Discuss the findings with Trap and its advisors.
- Produce a concise CPR for inclusion in investor discussions and the AIM Admission document.
SLR successfully completed the evaluation and CPR within a tight timeframe that was governed by the listing process. The CPR was well received by Trap and its advisors and Trap successfully completed its £60 million fund raising exercise and was admitted to the AIM market.