Valiant’s subsidiary, Valiant Exploration Limited, has reached an agreement to acquire a 30% stake in Block 29/1c containing the Orchid prospect from Summit Petroleum Limited in return for carrying a share of the cost of the initial exploration well, stated the press release.
Orchid is a four-way dip closure in the Tertiary and Chalk horizons; and the operator of the prospect, Summit, is currently seeking a semisub to drill the well in the second half of the year. Orchid is located in the UK sector of the North Sea and is surrounded by the producing Banff, Kyle, Bittern and Gannet fields. It is also adjacent to acreage Valiant recently agreed to acquire from Sterling Resources, which contains a similar prospect and two smaller appraisal opportunities.
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