North Sea explorer Valiant Petroleum said today it was planning its “most extensive exploration and appraisal drilling campaign ever” this year.
The firm said it has six exploration wells planned in 2012 with prospective resources of 190million barrels of oil equivalent (boe) net to Valiant as part of a £162million investment programme.
Five are due to start in the first half of the year.
Valiant is also expecting first oil on its first operated development, Causeway, in the second half of 2012, and would be participating in development wells.
Chief executive Peter Buchanan said: “Operationally, 2012 is set to be the most active year in Valiant’s history with up to six exploration wells drilling, two development wells on the Don fields and production from the company’s first operated development, Causeway.”
Its biggest prospect is Handcross west of Shetland, 90% owned by Valiant, described as the firm’s “highest impact near term well” with gross best estimate gross prospective resources of 180million boe.
It is looking for a deep water rig to drill the prospect in the second half.
In the first half, it will use the Borgsten Dolphin on Causeway development before using it on the Tybalt discovery, 80% owned by Valiant, in the northern North Sea.
It will also be involved in drilling on the Timon prospect after buying a 10% share off Agora Oil & Gas (UK), subject to regulatory approval, in return for carrying exploration well costs.
Other wells it is to participate in are the central North Sea Orchid prospect, due to be started by the Sedco 711 in the first quarter, the Sterling Resources-operated Cladhan South prospect, due to be drilled in the first half, and the Apache North Sea-operated northern North Sea Tryfan prospect.
The firm said it also continued to look at other opportunities to build its exploration programme over the next 12 to 18 months, including further growth in Norway.
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