Valiant tunes into Viola

Valiant Petroleum has spudded its latest operated well in the UK North Sea, on the Viola North prospect in license P1629, block 30/18b.

Offshore staff

WOKING, UK -- Valiant Petroleum has spudded its latest operated well in the UK North Sea, on the Viola North prospect in license P1629, block 30/18b.

The jackup Ensco 100 is drilling the well, which should take around 60 days to reach its target depth of 15,750 ft TVD subsea (4,800 m).

Viola North is a mapped three-way dip and fault-controlled structural trap in the Fulmar sand formation. The well targets reserves in the range 63-191 MMboe. The location is in the central North Sea, near the producing Janice, Medwin, Clyde, and Fulmar fields.

Subsidiary company Valiant Exploration operates the block with a 50% interest following a partial farm-out to Apache North Sea, under which Apache agreed to pay 75% of the well costs for a 50% stake in the prospect, subject to a cap on the promoted costs.

Apache will also participate in a second exploration well (likely on the Viola South prospect), if approved by the operating committee, on the same terms. And in the event of a commercial development, Apache could take over as operator.

9/02/2010

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