Trap Oil Group PLC 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.
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.