Valiant Petroleum plc announced that its wholly owned subsidiary Valiant Causeway Limited (“Valiant”) has signed a farm-out agreement with Maersk Oil North Sea UK Limited (“Maersk Oil UK”) with regard to its Isabella prospect located in the UK Central North Sea Blocks 30/6b, 30/11a & 30/12d (P1820).
Under the terms of the agreement, Valiant’s well costs will be partially carried by Maersk Oil UK subject to a cap on the promoted costs. Maersk Oil UK will also refund to Valiant certain historic costs associated with the licence at its working interest. Following completion, Valiant’s stake will reduce to 20% from its current 50% interest. The transaction remains subject to DECC consent.
Isabella is a gas condensate prospect located on one of the largest undrilled fault blocks in the UK Central North Sea with prospectivity across multiple geological horizons.
Following completion of the transaction, the P1820 partners will be Apache North Sea Limited (50%, operator), Maersk Oil North Sea Limited (30%) and Valiant Causeway Limited (20%).
In accordance with the AIM Rules, the information in this announcement has been reviewed and signed off by Richard Morgan, UK Exploration Manager, who has over 28 years’ relevant experience within the sector.
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Press Release, March 8, 2013