Valiant Updates Production, Finalizes Dons Program

Valiant Petroleum announced on Wednesday that its full year production for 2011 is projected at around 7,500 barrels of oil per day (bopd), in line with guidance maintained throughout the year.

The Dons Area work programme for 2012 is currently being finalised with the operator and includes a new production well in Don Southwest, a new water injection well in West Don and a side track of an existing West Don production well which is currently shut in. The programme is anticipated to commence at the beginning of Q2 at a total cost of around $45 million net to Valiant.

Project execution for the Causeway development is progressing well with all of the long lead items now ordered and main contracts in place. First oil is anticipated in the second half of 2012.

Production guidance for 2012 is in the range of 7,000 to 8,500 bopd and is principally dependent on agreement of the final Dons Area work programme and timing of Causeway first oil.

Valiant intends to provide a full operational update to the market early in the new year.

In accordance with the AIM Rules, the information in this announcement has been reviewed and signed off by Paul Mann, Chief Operating Officer, who has over 30 years of relevant experience within the sector.