Semisub Arrives at Valiant's Timon Prospect

Valiant Petroleum plc announced that the WilHunter (mid-water semisub) drilling rig has arrived on location to drill the Timon prospect (Valiant, 10%) located in the UK Northern North Sea in Blocks 211/11b and 211/16b. The well is anticipated to spud within the next few days and take around 40 days to complete.

Timon is an Upper Jurassic channelized sand play similar to the Cladhan and Tybalt discoveries also located in the UK Northern North Sea. Gross best estimate prospective resources are estimated by Valiant to be 30 million barrels of oil equivalent (net 3 mmboe).

The partners in license are MPX North Sea Limited (operator, 15%), Agora Oil & Gas (UK) Limited (25%), Taqa Bratani Limited (18%), Wintershall E&P Limited (17%), Sorgenia E&P (UK) Ltd (15%) and Valiant Exploration Limited (10%).

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