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26 Aug 2008 07:00
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PRESS RELEASE
Valiant Petroleum plc ('Valiant or 'the Company') Spuds First Don Development Well
26Β August 2008
Valiant Petroleum is pleased to announceΒ that the first well has commenced drilling on the West Don field,Β located in Blocks 211/13b and 211/18a,Β by the John Shaw semisubmersible drilling rig. This development wellΒ marksΒ the start of aΒ sevenΒ wellΒ drilling campaign as the joint development of the West Don and Don South West fields (together the 'Don Fields')Β moves into fullΒ offshoreΒ execution. Valiant has a 17.275% interest in the West Don field and a 40% interest in Don South West field.
InΒ addition to drillingΒ operations,Β theΒ ApacheΒ pipelayΒ vesselΒ has recently completedΒ the first phase of pipeline installationΒ and offshore installation of the subsea structures is set to commence in the coming weeks.
ValiantΒ currently anticipates giving a more comprehensive update on the Don Fields development as part of a Detailed Trading Statement due to be issued no later than 31 OctoberΒ for the period to 30 September 2008.
Valiant's Chief Executive, Peter Buchanan commented
'We areΒ pleased to announce the commencement of drilling on the Don Fields development which remains on target to deliver production to Valiant and its field partners during the first half of 2009. Drilling by the John Shaw is another important milestone in the Company's journey towards first oil."Β
In accordance with the AIM Rules, the information in this announcement has beenΒ reviewed and signed off by Brian Elliot, Operations Director, who has over 20Β years relevant experience within the sector.
For further information, please contact:
|
Valiant Petroleum plc |
www.valiant-petroleum.com |
|
Peter Buchanan, Chief Executive Officer |
+44 (0)1483 755 666 |
|
Steve Edgley, Finance Director |
+44 (0)1483 755 666 |
|
Nick Ingrassia, Investor Relations |
+44 (0)1483 755 666 |
|
Oriel Securities Limited (NOMAD, Broker) |
www.orielsecurities.com |
|
Natalie Fortescue |
+44 (0) 20 7710 7600 |
|
Luke Webster |
+44 (0) 20 7710 7600 |
|
Tristone Capital Limited (Broker) |
www.tristonecapital.com |
|
Majid Shafiq |
+44 (0) 20 7355 5800 |
|
AquilaΒ Financial Limited (PR) |
www.aquila-financial.com |
|
Peter Reilly |
+44 (0) 118 979 4100 |
Notes to the Editors
1. The Don South West field is located in Block 211/18a (license P.236) and theΒ West Don field is a unitized field that straddles Blocks 211/13b and 211/18aΒ (licenses P.1200 and P.236, respectively) of the northern North Sea. The DonΒ Fields areΒ located approximately 150 km northeast of theΒ Shetland IslandsΒ in a water depthΒ of approximately 500ft. The operator for the Don Fields is Petrofac EnergyΒ Developments Limited.
2. The Transocean 'John Shaw' semi submersible drilling unit has been contractedΒ to drill the initial development wells on both fields. Development drilling isΒ expected to be completed in the firstΒ quarterΒ 2009.
3.Β Β Joint venture partners in the Don Fields are as follows:
|
Don South West Field Partners: |
(interest) |
|
Petrofac Energy Developments Ltd. (operator) |
(60.000%) |
|
Valiant North Sea Ltd. |
(40.000%) |
|
West Don Field Partners: |
(interest) |
|
Petrofac Energy Developments Ltd. (operator) |
(27.700%) |
|
Valiant North Sea Ltd. |
(17.275%) |
|
First Oil Expro Ltd. |
(19.275%) |
|
NipponΒ Oil Exploration and Production U.K. Limited |
(18.500%) |
|
Stratic Energy (UK) Ltd. |
(17.250%) |
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