WOKING, UK -- Valiant Exploration has agreed to acquire 30% of UK central North Sea block 29/1c from Summit Petroleum. In exchange for the interest, Valiant will carry part of the cost of the initial exploration well.
The block includes the Orchid prospect. Orchid is a four-way dip closure in Tertiary and Chalk horizons, and is in between the producing Banff, Kyle, Bittern, and Gannet. It is also adjacent to acreage Valiant recently agreed to acquire from Sterling Resources that contains a similar prospect and two smaller appraisal opportunities.
Summit is scouting a semisubmersible to drill the prospect in the second half of this year.
Peter Buchanan, CEO, said: "Orchid will be [Valiant’s] third exploration well planned for 2011 following the recent announcement regarding the farm-out of Cladhan South in the northern North Sea and the Don Southwest Area E discovery made in the first quarter."