Orchid in North Sea to kick off Valiant well campaign

Valiant Petroleum expects to participate in three more exploration wells off northwest Europe over the remainder of 2011.

Offshore staff

WOKING, UK – Valiant Petroleum expects to participate in three more exploration wells off northwest Europe over the remainder of 2011.

The program will target more than 30 MMboe of prospective resources net to Valiant.

The semisub Sedco 711 will drill the Orchid prospect (Valiant 30%) in UK central North Sea block 29/1c, with drilling set to start in the next two months.

Orchid provides two targets in a four-way dip closure at Tertiary and Chalk level, and is surrounded by the producing Banff, Kyle, Bittern and Gannet fields.

Valiant estimates prospective resources at 30 MMboe. Orchid is also adjacent to acreage Valiant acquired earlier in the year from Sterling Resources (U.K.), which has similar prospects.

Another well will be drilled this fall on the Tryfan prospect (Valiant 33.33%) in UK northern block 3/17. Operator Apache North Sea is reviewing semisubmersible rig options for the well.

Tryfan is an Eocene stratigraphic channel-sand play which exhibits a strong seismic amplitude response, and is close to production infrastructure. Prospective resources are estimated at 24 MMboe.

The final well will target the potentially high-impact Zapffe prospect (Valiant, 10%) in the Norwegian Barents Sea, and will be Valiant's second Norwegian sector well following its acquisition of Sagex Petroleum in July.

The semisub Aker Barents will drill the well, targeting a Lower Cretaceous/Upper Jurassic pinch-out play adjacent to Eni’s Goliat discovery, with prospective resources estimated at 170 MMboe.

09/15/2011

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