Valiant bid for Sagex nearing closure

Offshore staff

WOKING, UK – Valiant Petroleum is close to clinching the entire share capital of Norwegian E&P independent Sagex Petroleum for $11.5 million.

The two companies are currently seeking all necessary corporate, third party and regulatory consents for the transaction to go through by the target date of August 31.

Sagex expects to participate this summer in a well on Norwegian license P471, operated by OMV.

The semisubmersible Borgland Dolphin will spud the well by early August. This will investigate Chamonix, a potentially large Cretaceous stratigraphic prospect, and a secondary Jurassic target Cortina.

06/20/2011

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