Valiant Exploration gains interest in Banquo, Helena fields

Valiant Exploration has signed a sale and purchase agreement to acquire Dana Petroleum's 50% stake in license P.212, block 211/8a, and license P.296 block 211/13a, including Penguin field (excluding Penguin West and Penguin East), which contain the Banquo and Helena undeveloped discoveries.

Offshore staff

WOKING, UK -- Valiant Exploration has signed a sale and purchase agreement to acquire Dana Petroleum's 50% stake in license P.212, block 211/8a, and license P.296 block 211/13a, including Penguin field (excluding Penguin West and Penguin East), which contain the Banquo and Helena undeveloped discoveries.

Completion of the transaction is subject to conditions and consents, including relevant governmental approvals. Valiant is currently operator on both licenses and following completion will own 100% of the blocks.

Following the acquisition of Banquo and Helena, Valiant will seek a strategic partner to jointly appraise and develop the discoveries, potentially alongside its Tybalt prospect, which is located in the adjacent block 211/8c.

Banquo is a Triassic discovery drilled by Ranger Oil (UK) in 1987 and tested at an initial rate of 6,487 b/d of oil and 3 MMcf/d of gas. Helena is another Triassic discovery, 6 km (3.7 mi) to the southwest of Banquo, drilled by Shell UK in 1974 and tested at a rate of 10.3 MMcf/d gas and 3,300 b/d of condensate.

03/03/2009

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