Trap Oil ups stake in Orchid

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North Sea driller Trap Oil has upped its stake in the Orchid field, buying out partner Summit Petroleum for £1.5 million.

The firm, which bought Aberdeenshire-based Reach Oil & Gas in 2011, is the operator of Orchid and with the addition of Summit’s 45 per cent stake it will hold 60 per cent of the discovery.

Its partners Valiant Exploration and Atlantic Petroleum control the remaining interests in Orchid.