UK: Cladhan Drilling Begins

Valiant Petroleum plc announces that drilling has commenced on the Cladhan South exploration prospect (Valiant, 30%) located in Block 210/29c in the UK Northern North Sea.

Cladhan South is an Upper Jurassic channelised sand play immediately to the south of the existing Cladhan discovery with gross prospective resources estimated internally by Valiant to be 13 mmboe (net 4 mmboe). The well is being drilled by the Sedco 704 semi-submersible rig and is anticipated to take 35-40 days to complete.

The partners in license are Sterling Resources Ltd (25%, operator), Valiant (30%), Wintershall UK North Sea Ltd (25%) and Agora Oil and Gas UK Ltd (20%).

Peter Buchanan, CEO, commented:

“We are pleased to have spud our second exploration well in rapid succession out of a programme which will include up to five exploration wells during the first half of the year targeting a total best estimate prospective resources of 30 mmboe net to Valiant.”

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Source: Valiant Petroleum, March 19, 2012; Image: Sterling Resources