Valhalla Gets New Licensing Option in Celtic Sea

Valhalla Oil and Gas has been granted a Licensing Option over blocks 56/10, 57/3, 57/6, 57/7 and 57/8 and part blocks 57/1 and 57/9 in the North Celtic Sea Basin, offshore Ireland by the Minister of Communications, Energy and Natural Resources.

The new license is immediately adjacent to the Schull license area ( 5/05 ) where Valhalla has a 25% interest and participated in a successful well in August 2007. The Option term is for a 2 year period and covers and area of 1565 square kilometers. A regional evaluation resulted in several leads being identified within the Licensing Option area, which could offer significant further hydrocarbon potential within a basin, which is already an important business area for Valhalla.

The initial work program will include thorough seismic reprocessing of much of the existing data over the license area. Valhalla was granted the Licensing Option with a 100% interest.