29 August 2007
Valiant Petroleum ('Valiant' or the 'Company'): Valiant Petroleum acquires 29% interest in Crawford and makes senior management appointments
Valiant Petroleum, the privately-held North Sea E&P company announced today that it has acquired a 29% interest in North Sea Block 9/28a containing the Crawford field from Petrofac Energy Developments ('Petrofac').
The acquisition is in the form of an asset swap with Petrofac, whereby Valiant has acquired Petrofac's 29% interest in Crawford, in return for 3.11% of its interest in Block 211/18a (West Don area) in the northern North Sea. Block 211/18a contains a 64.25% share part of the West Don field.
Following the asset swap, Valiant will retain a 17.275% in the West Don field.
Valiant has also recently made several senior appointments, reflecting the increased activity of the business and continued growth of the Company.
Brian Elliot joins Valiant as Operations Director. A qualified engineer, he was previously Development Manager for Kerr-McGee China and Head of Projects for Maersk North Sea, and brings with him over 20 years of North Sea and international experience in offshore development projects and operations.
Justin Morrison has been appointed Exploration and New Ventures Manager. Justin has over 20 years of industry experience with independent oil companies including Burren Energy and Ranger Oil in the areas of new business, exploration, development and enhanced oil recovery.
Steve Edgley, previously a Non-Executive Director has joined the company full-time as Finance Director.
Michael Bonte-Friedheim has joined the Valiant Board as Non-Executive Director. Michael brings a wealth of expertise and experience in the energy sector to the company with over 15 years experience in the Investment Banking Industry including Managing Director in Goldman Sachs' Energy and Power Team in the European Investment Banking Division. He is currently Non-Executive Chairman of Mediterranean Oil & Gas plc.
Commenting on the acquisition and appointments. Valiant's Chief Executive Officer, Peter Buchanan said:
"The deal announced today gives us an excellent opportunity to re-develop the Crawford field which we believe still has great potential. Subsurface work continues to determine the best development scenario for the field and we look forward to working with our partners on its further development.
"As a company, Valiant is rapidly expanding and is becoming a significant North Sea focused independent E&P company. The recent appointments reflect our ever increasing business activity and I welcome them to the Valiant team. Their extensive energy experience, especially their North Sea background, will be of great benefit to the company".
- ENDS -
For further information, please contact:
Valiant Petroleum Ltd
www.valiant-petroleum.com
+44 (0)1483 755 666
Peter Buchanan, Chief Executive Officer
Steve Edgley, Finance Director
Aquila Financial Ltd
www.aquila-financial.com
Peter Reilly
+44 (0)20 7202 2601
Yvonne Fraser
+44 (0)20 7202 2609
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 under-exploited region of the North Sea.
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