Valiant Petroleum said yesterday it was firming up an exciting exploration programme over the next 24 months.
The company, which has a primary focus on exploration and production on the UK continental shelf, also said output of 6,500-7,500 barrels of oil a day was expected next year.
In addition, Valiant said that a farm-in on the Handcross prospect west of Shetland had given it a 90% stake.
The firm said in the update: “Valiant is firming up an exciting exploration programme over the next 24 months, in addition to its planned appraisal and exploration wells on the Don fields. This drilling programme will target up to nine wells in its three core areas in the northern North Sea, central North Sea and West of Shetland, exposing Valiant to net estimated prospective resources in excess of 200million barrels of oil equivalent.
“These wells are anticipated to include both a number of prospects in Valiant’s current inventory and those successfully awarded as part of the 26th UK offshore licensing round, in which Valiant emerged as one of the most successful applicants winning seven licences (five operated) covering 18 blocks or part blocks.”
Valiant said it now had control over the entire Handcross prospect area.
The company would like to drill there next year and was talking to several parties about suitable deepwater rigs which would be available.
Valiant added it was in discussion with parties which continued to express interest in a potential farm-in to the prospect.
The firm also said that, after becoming operator of the Causeway field in the northern North Sea earlier this year, it had done considerable work to move the development forward towards a final investment decision.
It said: “A revised development plan anticipates production from the east, far east and central panels of the field and negotiations are at an advanced stage with local infrastructure owners regarding the optimal export route.
“Valiant is investigating financing options for the development and it is anticipated that a new field-development plan will be submitted to the Department of Energy and Climate Change during the first half of 2011 which could see first oil from Causeway within 12 months of development sanction.”
Chief executive Peter Buchanan said the company was on track to deliver a strong 2010. He added: “Valiant looks forward to maintaining the momentum it has built up over the past year to deliver progress across its portfolio.”
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