UK: Valiant Petroleum Spuds Viola Well Using Ensco 100 Jackup Rig

Valiant Petroleum plc announced that its operated Viola North exploration well (Licence P1629, Block 30/18b) spud on 30 August 2010 using the Ensco 100 jack-up drilling rig. The well is anticipated to take around 60 days to reach its target depth of 15,750 ft true vertical depth sub-sea (~4,800 metres).

The Viola North prospect is a mapped three-way dip and fault controlled structural trap in the Fulmar sand formation and is targeting an estimated gross prospective P90-P50-P10 resource range of 63-111-191 million barrels of oil equivalent. Viola North is located in the Central North Sea, near the producing Janice, Medwin, Clyde and Fulmar fields.

Valiant Exploration Limited, a wholly owned subsidiary of Valiant, acts as operator of the blocks and holds a 50% working interest following a partial farm-out to Apache North Sea Limited (“Apache”) where Apache will pay 75% of the well costs for a 50% stake in the prospect, subject to a cap on the promoted costs. Apache will also participate in the drilling of a second exploration well (expected to be in the Viola South prospect), if approved by the operating committee, on the same terms. The agreement also provides for Apache to become Operator in the event of a commercial development.

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Source: valiant-petroleum., September 1, 2010,