Valiant Hits Dry Hole With Don Southwest H Panel Well

Valiant Petroleum plc announced that its Don Southwest 'H' Panel exploration well (211/18a-28) has reached total depth of around 11,150 feet (3,400 metres). The well encountered a Brent sand formation with low oil saturations, indicative of a residual oil column which has been breached. The well will now be plugged and abandoned as a dry hole.

Following the completion of operations on the 'H' Panel, the John Shaw semi-submersible drilling rig will move to the Don Southwest field to drill the initial well of the Phase III programme with a pilot hole into Area 'E' - an exploration target which Valiant currently estimates could contain gross resources of 7-10 million barrels of oil ("mmbbls"). A result from the Area 'E' is anticipated by the end of January 2011.

In accordance with the AIM Rules, the information in this announcement has been reviewed and signed off by Phil Crookall, Technical Director, who has over 20 years relevant experience within the sector.

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