Valiant Petroleum Raises Additional Equity

Valiant Petroleum Limited has raised a further £20 million for appraisal and development drilling on its fields. Since forming in 2004 Valiant Petroleum has raised approximately £60 million in equity fundraisings and earlier this year agreed a £110 million funding facility with Bank of Scotland.

Valiant Petroleum has interests in the West Don, Don South West, Crawford and Causeway fields, all of which are located close to each other in the northern North Sea and are within reach of existing infrastructure.

Peter Buchanan, Valiant Petroleum's Chief Executive Officer, commented:

"We are delighted that existing shareholders continue to support our strategy and that we have also welcomed new investors to our register."

"We have now assembled a very strong team, based in Woking, and an enviable portfolio of near term development projects with the real potential of adding further reserves from close-to exploration and appraisal drilling."

"We are part way through a four well appraisal drilling program on the Causeway Field and expect to spud the Don South West appraisal well later this year."