Viola North probe runs dry
Valiant Petroleum has suffered disappointment with its latest exploratory effort in the UK northern North Sea.
WOKING, UK -- Valiant Petroleum has suffered disappointment with its latest exploratory effort in the UK northern North Sea.
Its well on the Viola North prospect in licence P1629, block 30/18b, encountered the prognosed Fulmar sand formation, but there was no evidence of hydrocarbons. The well will be plugged and abandoned as a dry hole.
Valiant anticipates a net cost of up to $10 million, following its farm-out to Apache North Sea earlier this year.
"While the Viola North result is disappointing we continue to see exploration potential in the Fulmar sand play and will integrate the results of the Viola North well into our geological understanding of the area which we continue to believe is highly prospective,” says CEO Peter Buchanan. “We look forward to the final well of our 2010 drilling campaign appraising the 'H' Panel at Don Southwest [operated by EnQuest] which could substantially increase the recoverable reserves in the Don area.”