03 September 2007
Valiant Petroleum raises further £20 million in equity fundraising
Valiant Petroleum Limited, the North Sea focused exploration and production company has raised a further £20 million for appraisal and development drilling on its fields. Since forming in 2004 Valiant Petroleum has raised approximately £60 million in equity fundraisings and earlier this year agreed a £110 million funding facility with Bank of Scotland.
Valiant Petroleum has interests in the West Don, Don South West, Crawford and Causeway fields, all of which are located close to each other in the northern North Sea and are within reach of existing infrastructure.
Peter Buchanan, Valiant Petroleum's Chief Executive Officer, commented:
"We are delighted that existing shareholders continue to support our strategy and that we have also welcomed new investors to our register."
"We have now assembled a very strong team, based in Woking, and an enviable portfolio of near term development projects with the real potential of adding further reserves from close-to exploration and appraisal drilling."
"We are part way through a four well appraisal drilling programme on the Causeway Field and expect to spud the Don South West appraisal well later this year."
Contacts:
Valiant Petroleum Limited
www.valiant-petroleum.com
Peter Buchanan, Chief Executive Officer
Steve Edgley, Finance Director
+44 (0)1483 755 666
Aquila Financial Limited
www.aquila-financial.com
Peter Reilly +44 (0) 20 7202 2601
Yvonne Fraser +44 (0) 20 7202 2609
Notes to Editors:
www.valiant-petroleum.com
Valiant Petroleum is a privately-owned UK company pursuing a strategy to build an asset base in the North Sea, in particular around the Greater Don Area. Current assets include UK North Sea Blocks 211/17, 211/18a, 211/18c, 211/11a (West Magnus), 211/22aSE and 211/23d (Causeway) and 9/28a (Crawford).
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