Valiant bids for Sagex

Offshore staff

WOKING, UK – Valiant Petroleum has offered NOK 64.1 million for northwest Europe exploration specialist Sagex Petroleum.

Sagex has interests offshore Norway, the UK and the Faroe Islands, with a special focus on the Norwegian continental shelf and the Atlantic Margin. The company has 12 employees based in Oslo, Stavanger and Tórshavn.

Its main assets are:
10% interest in the Antrim Energy-operated Causeway development in the UK northern North Sea
Various licenses in the Barents Sea and in Mid-Norway
100% of licenses L 013, 014 off the Faroe Islands

Sagex has commitments for exploration wells this year on the Chamonix and Cortina stacked prospects in PL 471 off Mid-Norway – expected to spud this summer - and the potentially high-impact Zapffe prospect (PL 518) in the Barents Sea this fall.

If its bid is successful, Valiant aims to use Sagex as a springboard to grow a business in Norway in particular, gaining access to further exploration and development opportunities.

An agreed takeover would give Valiant proved plus probable reserves of 26 MMboe at year-end 2010, and production in 2011 of 7,500-8,500 boe/d. It would also have a technical team of more than 50 individuals with a proven track record of identifying opportunities and project execution.

06/02/2011

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