2 June 2008
Valiant Petroleum plc: Globe Exploration Well Result
Valiant Petroleum announces that its 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 metres (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.
Peter Buchanan, Valiant Petroleum's Chief Executive Officer, commented:
"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.
In accordance with the AIM Rules, the information in this announcement has been reviewed and signed off by Phil Crookall, Technical Director, who has over 20 years relevant experience within the sector.
Ends.
Valiant Petroleum plc
www.valiant-petroleum.com
Peter Buchanan, Chief Executive Officer
+44 (0)1483 755 666
Steve Edgley, Finance Director
+44 (0)1483 755 666
Nick Ingrassia, Investor Relations
+44 (0)1483 755 666
Oriel Securities Limited (NOMAD, Broker)
www.orielsecurities.com
Scott Richardson Brown
+44 (0) 20 7710 7600
Luke Webster
+44 (0) 20 7710 7600
Tristone Capital Limited (Broker)
www.tristonecapital.com
Majid Shafiq
+44 (0) 20 7355 5800
Aquila Financial Limited (PR)
www.aquila-financial.com
Peter Reilly
+44 (0) 118 979 4100
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