Valiant Petroleum reported that the previously announced side-track of the Area 22 production well on Don Southwest (Valiant, 40.0%) has now been successfully completed and is ready to produce. Production from the Don fields is anticipated to restart shortly following commissioning of the permanent pipeline export route via the nearby Thistle platform, which is currently ongoing. The John Shaw semi-submersible drilling rig has been released, permitting access to the field for the hook-up of water injection on Don Southwest which was also successfully achieved.
With substantially all of the work now complete on the first phase of the Don fields project, Valiant has commissioned an updated reserve report from its consultants, RPS Energy, for its proved and probable ("2P") reserves on the Don fields as follows:
The reserves associated with West Don have decreased slightly following the assessment of production performance of the first two wells on the field, mitigated by the anticipated third production well into the southern area of the field.
The reserves associated with Don Southwest have slightly increased from the previous year and include Areas 5 and 22 associated with the phase one development, the 'Horst' block which will be developed as part of phase two during 2010 and the Area 6 compartment.
Valiant's 2P reserves associated with its other development fields are anticipated to be materially unchanged.
Following a period of steady production and water injection on the Don fields, Valiant anticipates providing production guidance and its full corporate reserves position, including contingent resources, at the beginning of Q2 2010 alongside the publication of its preliminary annual results for the year ended December 2009.
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