Valiant Welcomes New Non-Exec Director

Valiant announced that Jannik Lindbaek has joined Valiant's Board as a non-executive director as of September 22, 2011.

Mr. Lindbaek's illustrious career spans 35 years during which he has held a number of high profile roles in the energy industry as Chairman of Statoil ASA, Gaz de France Norway and Saga Petroleum AS and the finance sector as Chairman of Den norske Bank, Executive Vice President of the IFC, part of the World Bank Group and CEO of Storebrand Insurance. Prior to joining the board of Valiant, Mr. Lindbaek was Chairman of Sagex Petroleum ASA which was acquired by the Company in July this year.

Mr. Lindbaek is currently on the boards of Wikborg Management AS, Setred AS, Gearbulk Holding (Ltd) and AL Industrier AS. Mr. Lindbaek also acts as an adviser to the East African Development Bank, Nordic Investment Bank and is a founding member and former Chairman of Transparency International Norway.

Mr. Lindbaek, 72, is a graduate of the Norwegian School of Economics and Business Administration and received a Fulbright scholarship to study at the University of Kansas.

In the past five years Mr. Lindbaek has also been a director of the Kristian Gerhard Jebsen Group.

Peter Buchanan, Valiant's CEO, commented, "We are extremely pleased to welcome Jannik Lindbaek to Valiant's board and his appointment underlines Valiant's commitment to building its business in Norway and we look forward to benefiting from his significant experience and insights."

Jannik Lindbaek commented, "I look forward to working with the Valiant Board of Directors to help deliver the growth aspirations they have set out for the business both in UK and Norway."