Valiant completed the private placement in early February through the issue of three million ordinary shares to new and existing investors. The company intends to use net proceeds to commence drilling and development activities in 2007 on the Greater Don area in the northern North Sea.
The entire Block 211/17 adjacent to existing Valiant acreage has been offered to regional partners, Petrofac Resources and Valiant, each of whom will have a 50% interest in the block. Petrofac has been approved as operator of the licence.
Formed in 2004 with a strategic focus on the UK's North Sea, Valiant Petroleum is already part-owner of a number of North Sea licenses in the Greater Don area. Current assets include 30 percent of 211/18a (West Don area), 40 percent of 211/18a (Don SW area), 50 percent of 211/18c (Halibut High), and 30 percent of 211/11a (West Magnus Prospect).
Valiant's Chief Executive Officer, Peter Buchanan said:
"The award of this license is a natural evolution of our strategy of building out from our core North Sea area. Our team's technical capability, the funds raised and our regional partnership with Petrofac mean that we are well positioned to pursue interests in the Greater Don Area. The close of the £15 million private placement signals the ongoing support of our investors, and will enable us to move forward in 2007 with our drilling and development activities with a view to first production in 2008."
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