Tempestuous weather hits Romeo well

By PETER RANSCOMBE
Published on 28/12/2012 00:00

NORTH Sea driller Trapoil yesterday warned that its Romeo exploration well was 16 days behind schedule because of bad weather and “operational delays” on board the Awilco WilHunter rig.

The well, in the UK sector of the North Sea, is being drilled by Suncor Energy, which holds a stake of just over 50 per cent stake in Romeo.

Norwegian Energy has a near-22 per cent holding, while First Oil & Gas owns 15 per cent and Trapoil holds 12.5 per cent.

Trapoil has also completed the purchase of a 15 per cent stake in the Athena field in the North Sea from Dyas.

When the deal was announced in March, a £34.5 million price tag was agreed, but Trapoil yesterday said that £6m had been knocked off the cost.

At current oil prices, Trapoil – which bought Aberdeenshire-based Reach Oil & Gas in July 2011 for £30m in cash and shares – expects to receive about £2m a month from the Athena field.