Valiant Reports Solid 6 Months
Friday, June 13, 2008
Valiant Petroleum announced the publication of its unaudited Interim Results for the six month period ending March 31, 2008.
Key highlights during this period and the subsequent period to-date include:
Successful appraisal well on the Crawford field resulting in partners now working toward a full field development plan
Submission of the West Don and Don South West Field Development Plans and subsequently approved by BERR in May 2008
Successful appraisal well in the Don South West field area which encountered oil in Jurassic and Triassic reservoirs
Confirmed as an approved exploration operator in the UK North Sea by the Department of Business, Enterprise and Regulatory Reform ("BERR")
Successful admission to AIM in March 2008 raising £46.0 million in net proceeds
Appointment of Kevin Lyon as Non-Executive Director and agreement that Sandra Shaw, currently a Non-Executive Director, will join Valiant full time as General Counsel and Executive Director
Successful syndication of Valiant's $200 million bank debt facility
Two rig slots now booked for the remainder of Valiant's 2008 exploration campaign and an additional four rig slots committed to for 2009
"Valiant has made excellent progress in delivering on its strategy to be a significant North Sea E&P company and is now in a position to capitalize on exciting exploration and acquisition opportunities in our core areas," said Peter Buchanan, Valiant's CEO. "We anticipate further growth in our business in the near term through targeting opportunities that provide real value enhancement and leverage off of our current acreage position, technical skills and strong financial position. Our philosophy is to provide investors access to continuous exploration upside through the drilling of several wells each year funded organically through our growing production base."