Trap Oil Group PLC (AIM:TRAP) entered into non-binding heads of terms to acquire an additional 45% stake in licence P.1556, Block 29/1c from Summit Petroleum Limited for £1.5 million in cash on January 7, 2013. Under the terms of the non-binding heads of terms, Trap Oil will hold 60% stake in the block after the acquisition is completed and become the operator of the block. The other shareholders in the block after the transaction will be Atlantic Petroleum UK Ltd. will hold 10% and Valiant Exploration Limited will hold the remaining 30% stake in the block.

As of March 11, 2013, Trap Oil Group PLC (AIM:TRAP) entered into a definitive agreement to acquire an additional 45% stake in licence P.1556, Block 29/1c from Summit Petroleum Limited.

The transaction is subject to receipt of the requisite third party and Department of Energy and Climate Change (DECC) consents and the execution of a definitive sale and purchase agreement in due course. James Harris, Matthew Chandler and James Spinney of Strand Hanson Limited, Peter Krens of Mirabaud Securities LLP and Hugh Sanderson and David van Erp of FirstEnergy Capital LLP acted as financial advisors and Tim Robertson, Shan Shan Willenbrock and Lauren Foster of Cardew Group acted as public relations advisors for Trap Oil Group.