19 February 2007
Valiant Petroleum raises development funds and expands core North Sea portfolio
24th Seaward Licence award and £15 million private placement completed
Valiant Petroleum ("Valiant"), the privately-held North Sea E&P company announced today that it has completed a £15 million fundraising and has been offered a 50 per cent interest in block 211/17 in the UK's 24th Seaward Licensing round.
Valiant completed the private placement in early February through the issue of three million ordinary shares to new and existing investors. The company intends to use net proceeds to commence drilling and development activities in 2007 on the Greater Don area in the northern North Sea..
The entire Block 211/17 adjacent to existing Valiant acreage has been offered to regional partners, Petrofac Resources and Valiant, each of whom will have a 50% interest in the block. Petrofac has been approved as operator of the licence.
Formed in 2004 with a strategic focus on the UK's North Sea, Valiant Petroleum is already part-owner of a number of North Sea licenses in the Greater Don area. Current assets include 30 per cent of 211/18a (West Don area), 40 per cent of 211/18a (Don SW area), 50 per cent of 211/18c (Halibut High), and 30 per cent of 211/11a (West Magnus Prospect).
Valiant's Chief Executive Officer, Peter Buchanan said:
"The award of this license is a natural evolution of our strategy of building out from our core North Sea area. Our team's technical capability, the funds raised and our regional partnership with Petrofac mean that we are well positioned to pursue interests in the Greater Don Area. The close of the £15 million private placement signals the ongoing support of our investors, and will enable us to move forward in 2007 with our drilling and development activities with a view to first production in 2008."
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For further information, please contact:
Valiant Petroleum Ltd
www.valiantpetroleum.co.uk
Peter Buchanan, Chief Executive Officer +44 (0)1483 755 666 Robert Gherghetta, Financial Controller
Aquila Financial Ltd
www.aquila-financial.com
Peter Reilly +44 (0)20 7202 2601
Ross Bethell +44 (0)20 7202 2603
About Valiant Petroleum:
Valiant Petroleum is a privately-funded UK company focused on the North Sea. With a proven management team and key industry partnerships, the company is developing a balanced portfolio of assets with low risk exploration and production in a relatively underexploited region of the North Sea.
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