Utilizing the Stena Spey semi-submersible drilling rig and the drilling services of Senergy Ltd., the well will be drilled to a total depth 100ft below Top Cormorant formation at a target depth of approximately 11,850 feet (11,703 feet true vertical depth). The well is expected to take approximately 45 days to drill and test. If hydrocarbons are encountered in commercial quantities in the well, it will be suspended for future completion and production. The subsurface target of the well is approximately 1.5 kilometers to the northwest of the 211/18a-22 well that tested a full Brent oil column and was drilled to total depth in the Dunlin formation.
Valiant also wishes to announce that Kevin Lyon has been appointed to the Board as a Non-executive Director. Kevin, a Chartered Accountant, has many years experience in merchant banking and private equity including 3i plc where he held several positions including Managing Director, UK Private Equity. He currently holds Non-Executive Chairman roles in a range of companies including MK One and Wyndeham Press as well as Non-Executive Director of Booker plc.
Peter Buchanan, Valiant Petroleum's Chief Executive Officer, commented:
"I am delighted to welcome Kevin to the Board. He brings a wealth of experience to the Company, which will be invaluable in helping to shape our future.
The Don South West appraisal well is an important well in our drilling schedule, especially as it will help determine if the field extends into the neighboring block, which we also part-own.
Valiant as a company is extremely busy. As it stands today, we are participating in 2 appraisal wells in our northern North Sea area and are constantly evaluating potential prospects on our other acreage".
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