Offshore staff

LONDON, UK --Valiant Petroleum is buying Dana Petroleum's 14% interest in Antrim's Causeway discovery in the UK northern North Sea.

In Aug. 2006, the East Causeway discovery well test flowed light oil at up to 14,500 b/d.

Antrim has contracted AGR Peak Well Management and the semisubmersibleTransocean Prospect to drill three appraisal and development wells. These will appraise four intervals of the Brent reservoir, and assist evaluation of tieback options to nearby production facilities.

Causeway also lies close to Valiant's interests in the Greater Don area. The company has secured a $221.78 million debt and $20.16 million equity funding package from the Bank of Scotland, which will go towards its share of the planned Don South West and West Don developments, and the Causeway drilling.

07/04/2007