On November 12, 2008, Valiant was notified by the UK Department of Energy and Climatic Change that its wholly owned subsidiary, Valiant Exploration Limited, was successful in eight of its applications for licenses in the UKCS 25th Offshore Licensing Round.
The awards include nine full-and-part blocks in and around Valiant's core northern North Sea position as well as three blocks West of Shetland and one block in the Central North Sea. Valiant will act as operator on all of the blocks.
All of the awards were for traditional UK offshore licenses. To secure the awards, Valiant has committed to a range of work programs including four firm exploration wells which must be drilled before the end 2012.
Peter Buchanan, CEO, commented, "We are extremely pleased to have been successful in eight of our applications in the 25th Licensing Round. The blocks granted contain exciting potential near our existing developments in the northern North Sea as well as in new areas of the UKCS where Valiant has identified significant potential. We look forward to working with our joint venture partners and DECC to mature these prospects for drilling over the coming years."
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