Gulf Oil and Gas accountACCOUNT

Valiant Farms-Out Cladhan Stake in North Sea

Source: 3/8/2011, Location: Europe

Valiant Petroleum plc (Valiant) is pleased to announce that its wholly owned subsidiary, Valiant Exploration Limited, has reached a series of agreements to farm-down and swap part of its 100% holding in blocks 210/29c and 210/30b which contain the Cladhan South prospect(s) and sit directly to the south and east of the existing Cladhan discovery.

The three separate transactions are with Sterling Resources (U.K.) Ltd, Wintershall (UK North Sea) Limited, both of whom are existing equity holders in the original Cladhan discovery, and Agora Oil and Gas (UK) Limited. As a net result of the separate transactions, Valiant will hold:

- A 30.0% interest in Cladhan South promoted for the full cost of an initial exploration well, subject to an agreed cap on the promoted costs; and

- A 40.0% interest in Blocks 21/30f and 22/26c located in the Central North Sea operated by Sterling which contain a number of exploration and appraisal opportunities.

Following completion of the Transactions, Sterling will become operator of Cladhan South bringing with it strong subsurface knowledge of the area following the original Cladhan discovery in 2008 and subsequent appraisal in 2010. Further appraisal on Cladhan is currently underway and is likely to provide more information regarding the prospectivity of Cladhan South.

Sterling has informed Valiant that it is currently seeking a rig slot for the second half of 2011 in order to drill Cladhan South as part of its exploration and appraisal program in the area this year.

The Transactions remain subject to a number of conditions precedent including final award of Blocks 21/30f and 22/26c to Sterling and approval of each of the transactions by the Department of Energy and Climate Change.

Peter Buchanan, CEO, commented:

"The series of transactions announced today give Valiant exposure to a near term exploration well on this exciting play in its core Northern North Sea area while also expanding its portfolio further in the Central North Sea. We look forward to working together with our new partners and benefiting from their extensive knowledge gained in the area from the drilling to date which has taken place on the Cladhan discovery."

Acquisitions and Divestitures News in United Kingdom >>

Mexico >>  5/16/2019 - Ophir Energy has signed a Sales and Purchase Agreement ('SPA') relating to the sale of its 23.33% interest in Block 5 (Cuenca Salina), offshore Mexico...
Australia >>  5/14/2019 - Vintage Energy has executed a binding Heads of Agreement with Firetail Energy Services for it to become a joint venture partner in the EP126 permit (o...

Mexico >>  5/13/2019 - Equinor has exercised its preferential rights to acquire an additional 22.45% interest in the Caesar Tonga oil field from Shell Offshore Inc for a tot...
Trinidad and Tobago >>  5/13/2019 - Columbus, the oil and gas producer and explorer focused on onshore Trinidad with the ambition to grow in South America, is pleased to announce that it...

Indonesia >>  5/8/2019 - Sonoro Energy has announced that along with its Indonesian partner Menara Global Energi, an affiliate of a substantial Indonesian company, it has been...
Gambia >>  5/1/2019 - African Petroleum notes recent media articles stating that BP has signed an agreement with the Gambian government in relation to Block A1 in The Gambi...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

United Kingdom Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 |

More News

Related Links

Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.