Trap Oil continues to look for funding solution as share price slides

Trap Oil released a statement on Friday following a sharp decline in the share price since Thursday lunchtime.

The AIM-listed oil and gas exploration and production firm said it has continued to "urgently" assess a number of potential funding sources.

It is considering the potential disposal of some of its licence interests and said it was in discussions with its main creditors, shareholders and potential investors, but stressed "no firm decisions or conclusions have yet been reached".

"There can be no certainty that a viable funding solution will be forthcoming," it said.

The firm reiterated that its directors continue to believe that unless a funding solution is found the company currently only has adequate working capital to support its activities until early July 2015.

The share price had fallen 24.32% to 0.7p by 12:37, but was up 142% on the week. The value of the stock has tumbled nearly 74% since the start of the year.