Trap Oil : Update re Athena Decommissioning Costs

Trap Oil Group plc

("Trapoil" or the "Company")

Update re Athena Decommissioning Costs

Trapoil (AIM: TRAP), the independent oil and gas exploration, appraisal and production company focused on the UK Continental Shelf ("UKCS") region of the North Sea announces that it has received an updated report detailing current estimates of the Athena decommissioning costs by Ithaca Energy Inc. ("Ithaca"), the operator of the Athena Field (the "Report").

The Report, which has been independently prepared by Petrex Ltd on behalf of the partnership, estimates that the Athena decommissioning costs will be approximately £60.0 million (approximately £9.0 net to Trapoil), the majority of which relate to the well abandonment.  This represents an increase of £24.0 million from the 2010 estimate of £36.0 million (of which approximately £5.4 million was net to Trapoil). All costs have been updated to reflect current rig rates and expected utilisation.

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**ENDS**

Notes to editors :

·      The Trapoil Group was created in 2008 by a team of experienced industry executives with a broad range of oil and gas technical, operational and financial expertise and professional skills.

·      Trapoil has developed long term relationships with key oil industry partners and major suppliers and consultants including CGG Services (UK) Limited ("CGG") and Applied Drilling Technology International.

·      The Company utilises a research-led, knowledge-based approach to identify and deliver promising exploration and appraisal opportunities, and to this end has secured extensive long-term access to CGG's state of the art 3D seismic database over the majority of the Central North Sea area on negotiated terms. CGG is a leading pure-play geophysical services and equipment provider.  Access to such 3D seismic data serves to strengthen the Group's ability to create opportunities on both open and held acreage in the UKCS.