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Trap Oil surges as North Sea exploration project begins

Trap Oil has a 28% stake in the Suncor operated well

Niobe expected to take around 31 days to drill

Trap Oil (LON:TRAP) shares jolted more than 60% higher as investors bought in for the start of a new exploration programme in the North Sea.

The offshore drill rig left Dundee for the location of the Niobe exploration prospect last week and it will shortly begin drilling.

Trap Oil has a 28% stake in the well which is expected to take around 31 days to drill, once operations start.

Niobe is operated by Suncor Energy, which has a 49.5% stake, and Noreco (Norwegian Energy Company) is also a partner with a 22.5% stake.

Quick facts: Jersey Oil and Gas PLC

Price: 132.5 GBX

Market: LSE
Market Cap: £28.92 m

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