Valiant Announces Spud of Zapffe Prospect in Norwegian Barents

Valiant Petroleum plc  announces that drilling operations have commenced on the Zapffe exploration prospect (Valiant, 10%), located in PL518 in the Norwegian Barents Sea.

The well is drilled by the Aker Barents semi-submersible rig and is targeting a Lower Cretaceous/Upper Jurassic pinch-out play located adjacent to the large Goliat discovery made in 2000. Gross prospective resources associated with the Zapffe prospect are estimated by Valiant to be 170 mmboe (net 17 mmboe). The well is anticipated to reach total depth by early December.

Zapffe represents Valiant’s second Norwegian exploration well following the acquisition of Sagex Petroleum ASA in July 2011. Partners are DONG (operator, 40%), North Energy (30%) and Front Exploration (20%).

Source: Valiant Petroleum, October 17, 2011;

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