TD Reached at Valiant's Orchid Prospect

Valiant Petroleum plc announced that the well on the Orchid exploration prospect (Valiant, 30 percent), located on Block 29/1c in the UK Central North Sea, has reached a total depth of 9,333 feet. The well encountered a Chalk zone of over 280 feet which exhibited oil shows throughout and higher-than-anticipated porosities. The shallower, secondary Tertiary target sands were not present in the well location.

Initial interpretation of the wireline log data by Valiant suggests the well has encountered a 50 foot pay zone above a large Chalk interval with low average oil saturations. The partnership has decided to plug and abandon the well pending further work on the data acquired to determine what further appraisal might be warranted.

Partners in the license are Summit Petroleum (45%, operator), Valiant (30%), Trap Oil (15%) and Atlantic Petroleum (10%).