DONG Spuds Zapffe Well in Barents Sea

Valiant announced that drilling operations have commenced on the Zapffe exploration prospect (Valiant, 10%), located in PL518 in the Norwegian Barents Sea.

The well is drilled by the Transocean Barents semisubmersible rig and is targeting a Lower Cretaceous/Upper Jurassic pinch-out play located adjacent to the large Goliat discovery made in 2000. Gross prospective resources associated with the Zapffe prospect are estimated by Valiant to be 170 mmboe (net 17 mmboe). The well is anticipated to reach total depth by early December.

Zapffe represents Valiant's second Norwegian exploration well following the acquisition of Sagex Petroleum ASA in July 2011. Partners are DONG (operator, 40%), North Energy (30%) and Front Exploration (20%).

In accordance with the AIM Rules, the information in this announcement has been reviewed and signed off by Terje Hagevang, Group Exploration Manager, who has over 30 years relevant experience within the sector.

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