Valiant Misses the Mark in North Sea Wells

Valiant Petroleum's operated exploration well on the Globe prospect in UK North Sea blocks 9/22 & 9/23c has been drilled to a total depth of 1600 meters (5251 feet) but did not encounter hydrocarbons and has been plugged and abandoned. The secondary target, Roebuck was also dry. The well reached total depth ahead of schedule and was significantly below budget.

The Transocean Prospect semisubmersible drilling rig will now move onto a two well program on the Causeway discovery in which Valiant has a 14% holding.

"While the Globe result was disappointing, we view our exploration program on a portfolio basis and look forward to drilling the rest of the prospects in our 2008 exploration campaign during the second half of the year," said Peter Buchanan, Valiant Petroleum's Chief Executive Officer.

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