Valiant seeking funds to step up UK activity

Valiant Petroleum is aiming to raise $106 million via a placement of new shares to fund its next wave of exploration and development in the UK North Sea.

Offshore staff

GUILDFORD, UK -- Valiant Petroleum is aiming to raise $106 million via a placement of new shares to fund its next wave of exploration and development in the UK North Sea.

During 2010-11, the company plans to spend over $300 million on the following:
- Co-funding development of the `Horst’ block- a structural high with strong oil saturations - to lift production through the Petrofac-operated Don Southwest facilities
- In tandem, the partners may also drill an exploration well on the Son Southwest E panel, and a further appraisal well on the H panel following a sidetrack earlier this year: this intersected a 60-ft (18.3-m) oil column in the upper Brent formation, extending the boundary of Don Southwest to the south
- Drilling of a third production well on West Don (also operated by Petrofac), and a sidetrack into the Ariel exploration prospect in the adjacent block 211/17
- Co-funding development of the Causeway and Crawford fields, operated respectively by Antrim Energy and Fairfield Energy. A field development plan for Crawford should be issued by year-end, based on a tieback to Marathon’s East Brae platform, with hydraulically fractured wells to maximize production
- Appraisal drilling on the Valiant-operated Banquo discovery and exploration wells on the Handcross, Tybalt, and Viola prospects, where the company is targeting a total of around 305 MMboe net to Valiant.

09/29/2009

More in Drilling & Completion