Valiant Petroleum plc announces that it has signed a Farm Out Agreement with Agora Oil and Gas (UK) Limited in respect of the Tybalt appraisal well, located in Blocks 211/8c & 13c in the UK Northern North Sea. Under the agreement Agora will increase its interest in Tybalt to 40% in return for a partial cost carry. Valiant will remain operator with a 60% interest.
The Tybalt well is currently drilling ahead with the Borgsten Dolphin semi-submersible rig, with results anticipated in May.
Valiant Petroleum plc is an independent oil & gas company formed in 2004 with a strategy of building a diverse portfolio of development, appraisal and exploration assets in the UK North Sea, Norway and Faroe Islands.
Valiant’s focus to date has been to build a core position in the UK sector of the Northern North Sea. In addition to its core UK Northern North Sea position, Valiant has begun to extend its footprint into other areas of the UK North Sea through recent offshore licensing rounds as well as, more recently, into the Norwegian and Faroese sectors through the acquisition of Sagex Petroleum ASA.
[mappress] Offshore Energy Today Staff, April 24, 2012