In the past there has been many discussions over on the foolish site where the concept of low hanging fruit is raised.

I personally consider TRAP to be one of those.

Currently trading below 10p BUT likely have 12p plus per share in the bank.
The only real asset is a 15% stake in the Athena field in the North Sea which is adding around $2m per month net to the coffer's.

So by the time the Summer arrives next year we could be looking at 16p cash or more per share.

Parkmead last May acquired a stake in Athena that would value TRAPs interest above the current share price never mind the cash. Parkmead consider that there is potential upside on Athena by drilling another offset well. Athena to date has out performed modelling, TRAP are the most conservative consortium member on the current reserves, some put the figure 10m barrels above TRAPs 14m.

TRAP recently entered an agreement with JAPEX, TAQA and CIECO for joint applications in the 28th licensing round. These are major players and certainly provide a large endorsement to TRAPs North Sea expertise and Siesmic Database access from CGG. Whilst this might not provide value now it likely will in the future.

Paul Curtis is heavily invested here, whether that is a positive I don't know given his previous exposure to Frontera and Ascent Resources!

Potential downsides are:
Athena has one super producer, were that to get a double pump failure like other wells it would materially affect future cashflow (though the current cash pile should act as a cushion)
The board throw the money away on acquisition, something they have over paid for in the past
The Board is too large and too well paid

However I remain convinced that I should obtain a 40% return over the next 12 months and firmly put this as low hanging fruit.

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