Valiant Takes Stake in Causeway Discovery

Valiant Petroleum will acquire Dana Petroleum's 14% interest in the Causeway discovery, located in the northern North Sea, for an undisclosed sum.

Valiant has also secured a 110 million debt and 10 million equity funding package from Bank of Scotland. The bulk of the financing will be utilized against the Company's share of the Don South West and West Don developments. Part of the funding will be used to enable the Company to acquire the Causeway interest and finance Valiant's share of the three well appraisal/development drilling campaign on the discovery, which commenced in May 2007.

The Causeway discovery lies close to the Company's existing Don interests. In August 2006, the East Causeway discovery well tested a combined flow rate of 14,500 barrels of light oil. Antrim, the Operator, have contracted AGR Peak Well Management of Aberdeen and the Transocean Prospect semi-submersible to drill 3 appraisal and development wells. It is intended that these wells will appraise 4 intervals of the Brent Reservoir and assist in the evaluation of tie back options for production to nearby facilities.

Peter Buchanan, Valiant Petroleum's Chief Executive Officer, commented:
"The Causeway acquisition complements our existing assets in the "Greater Don" area and is in line with our strategy of building a northern North Sea core area that contains low risk, but material opportunities. The 120 million funding package allows us to move our appraisal and development activities forward and I am delighted to welcome Bank of Scotland as a lender and an investor in Valiant Petroleum."

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
SharePoint Project Manager
Expertise: IT - Programming & Database|Project Management
Location: Houston, TX
 
Commercial Director - Terminals
Expertise: Business Development
Location: South Carolina, 
 
Asset Integrity Manager
Expertise: Asset Management|Project Management|QA / QC / Inspection
Location: Pasadena
 
search for more jobs

Brent Crude Oil : $54.46/BBL 0.96%
Light Crude Oil : $51.68/BBL 1.21%
Natural Gas : $3.44/MMBtu 1.99%
Updated in last 24 hours