Valiant Spuds Globe Exploration Well in UK North Sea

Valiant Petroleum has commenced drilling of its first operated exploration well on the Globe prospect in UK North Sea blocks 9/22 & 9/23c.

Globe spud on May 24, 2008 following the arrival of the Transocean Prospect semisubmersible drilling rig. The Globe prospect, a four way dip structure, is anticipated to take around 18 days to reach its primary target. The well will also intersect the Roebuck prospect, a secondary, stratigraphic target in a shallower horizon.

Valiant will operate the exploration well with a 50% interest on behalf of the field partners; Granby Enterprises (a wholly owned subsidiary of Silverstone CNS Limited) (25%) and Century Exploration (UK) Limited (25%).

"The drilling of Globe as our first operated exploration well is an exciting start to the company's exploration plans as set out at the time of listing on AIM in March 2008," said Peter Buchanan, Valiant Petroleum's Chief Executive Officer.

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