Summit Petroleum to Begin Drilling Orchid Well

Valiant Petroleum plc announced that well operations have commenced on the Orchid exploration prospect (Valiant, 30%), located in Block 29/1c the UK Central North Sea, with spud anticipated in the next few days. Orchid is a dual target, four-way dip closure at Tertiary and Chalk level with gross prospective resources associated with the entire prospect estimated internally by Valiant to be 30 mmboe (net 9 mmboe). The well is being drilled by the Sedco 711 (mid-water semisub) and is anticipated to take 35-40 days to complete, once it has been spudded.

The partners in license are Summit Petroleum (45%, operator), Valiant (30%), Trap Oil (15%) and Atlantic Petroleum (10%).

Peter Buchanan, CEO, commented, "We are pleased to be starting our 2012 exploration program which will include up to five exploration wells anticipated to spud during the first half of the year targeting a total best estimate prospective resources of 30 mmboe net to Valiant."

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