Valiant set to work on Tybalt

Valiant Petroleum has started drilling the Tybalt exploration well in UK northern North Sea License P1632.

Offshore staff

WOKING, UK -- Valiant Petroleum has started drilling the Tybalt exploration well in UK northern North Sea License P1632. The well, drilled by the Diamond Ocean Nomad semisub, should take around 30 days to reach its target depth of around 11,400 ft (3,475 m) TVD subsea.

The Tybalt prospect is in the Magnus sand formation. Valiant says the well will target initial, gross P50 prospective resources of 35.6 MMbbl of oil in the eastern T2 location. Pending results, a sidetrack may also be drilled to test a four-way dip T1 structure just west of the main prospect.

Valiant operates the license blocks 211/8c and 211/13c, with an 80% working interest. Agora Oil & Gas (UK) holds the remaining 20% subject to a recently announced farm-in agreement which partly carries Valiant's costs.

Agora will also have an option, within six months of completion of this well, to participate in an appraisal well on the nearby Banquo discovery in License P.212, block 211/8a, and an exploration well on the Helena prospect on the same terms. Valiant has received consent from the UK’s Department of Energy and Climate Change for the transfer.

4/13/2010

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