Update on Tybalt appraisal well

Source: Cairn

Valiant Petroleum plc (“Valiant Petroleum” or the “Company”) reports that the Tybalt appraisal well 211/8c-5 has now been drilled to a total depth of 13,212’ Measured Depth.

The well penetrated a full Upper Magnus Sandstone Member (UMSM) section, comprising 844’ gross, with 316’ of net sand. 210’ of core was successfully recovered from this interval.

Initial interpretation indicates that the hydrocarbon saturations recorded throughout the section were broadly similar to the 211/8c-4z discovery well drilled in 2010. Porosities were also similar but the permeabilities recorded in the current well were generally at the low end of expectations.

Reservoir testing via MDT was unable to demonstrate the presence of moveable hydrocarbons from the well. Test points located in the lower part of the UMSM recovered water, while stations towards the top of the interval were tight.

Valiant Petroleum (60%; Operator) and Agora Oil and Gas AS (a fully-owned subsidiary of Cairn Energy PLC; 40%) have now decided to suspend the well. Further technical analysis of the core, log and dynamic test data will be required to assess the size and potential of the Tybalt accumulation.

In accordance with the AIM Rules, the information in this announcement has been reviewed and signed off by Valiant Petroleum’s Development Manager, Nigel Platt, a Chartered Geologist with 26 years of relevant experience.

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