Valiant, Petrofac swap assets

Valiant Petroleum has acquired Petrofac Energy Developments' 29% share in the Crawford oilfield in UK North Sea block 9/28a.

Offshore staff

ABERDEEN, UK --Valiant Petroleum has acquired Petrofac Energy Developments' 29% share in the Crawford oilfield in UK North Sea block 9/28a.

Crawford is operated by Fairfield Energy. The partners have been trying to secure a heavy-duty jack-up for an appraisal well to test the production potential of the Triassic reservoir in the north of the field. If successful, a re-development could follow in the second half of 2008, leading to first oil a year later.

Under the terms of the acquisition, Petrofac receives 3.11% of Valiant's interest in block 211/18a (West Don area) in the northern UK North Sea, which contains 64.25% of the West Don field.

08/29/2007

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