Tybalt Kicks Off Valiant's 2010 Drilling Program

Ocean Nomad
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Valiant's 2010 exploration program has begun to take shape following the booking (subject to finalization of contract) of the Diamond Ocean Nomad semisubmersible drilling rig for the Valiant operated Tybalt (Valiant, 100.0%) prospect located in Quad 211.

The Tybalt well is anticipated to spud at the end of Q1 2010 and is targeting P50 prospective resources of c.46 million barrels of oil equivalent ("mmboe"). If successful, Tybalt would support commercialization of a joint development with the nearby Banquo field (Valiant, 100.0%) which has audited best estimate contingent resources of 21 mmboe.

Valiant has also issued a Letter of Intent for an agreement to contract a rig slot to drill its large, Central North Sea Viola prospect during the summer of 2010. Further details on Viola as well as Valiant's other key exploration prospects Ariel and Handcross will be provided in due course and the Company anticipates providing a full update alongside of its preliminary results which are due for release at the beginning of Q2 2010.

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