The French supermajor is getting a 30.625% stake in licence P2032, also known as the Valleys blocks, on the West Forties ridge between the West Forties basin and the Moray Firth basin.
The licence comprises blocks 21/8c, 21/9c, 21/10c, 21/14a and 21/15b. Total will be funding 43.75% of Trapoil’s current 50% interest, the other 50% currently being held by Norway’s Noreco.
This funding includes the drilling of an exploration well and the acquisition of 3D seismic. The licence carries a drill-or-drop option, exercisable within two years.
Prospectivity at Valleys has been identified in the Late Jurassic Fulmar formation.
Trapoil has also retained an option to, within two months of signing the agreement, instead choose to exchange between 10% and 35% of its current interest in Valleys for an equivalent equity stake in licence P1816, also known as Scaranish. This licence is operated by Total.
Trapoil chief executive Mark Groves Gidney said: “The option to be involved in the Scaranish prospect offers Trapoil an exciting opportunity to be part of the drilling of a key well in the area.
“Information gained from drilling this well is likely to be important in unlocking the potential of our nearby Romeo discovery drilled earlier this year.”
– – Upstream