Valiant to Acquire Stake in Orchid Prospect

5 April 2011 (Last Updated April 5th, 2011 18:30)

Valiant Petroleum subsidiary Valiant Exploration is to acquire a 30% stake in block 29 / 1c with the Orchid prospect from Summit Petroleum in return for sharing the cost of the initial exploration well. The Orchid prospect in the Central North Sea is a four-way dip closure in the Tertia

Valiant Petroleum subsidiary Valiant Exploration is to acquire a 30% stake in block 29 / 1c with the Orchid prospect from Summit Petroleum in return for sharing the cost of the initial exploration well.

The Orchid prospect in the Central North Sea is a four-way dip closure in the Tertiary and Chalk horizons.

Summit is seeking a semi-submersible rig to drill the prospect in the second half of 2011.

Valiant CEO Peter Buchanan said that Orchid will be the third exploration well planned for 2011 following the recent announcement of the farm-out of Cladhan South in the Northern North Sea and the Don Southwest Area E discovery, which was made in the first quarter of this year.