OIL and gas explorer Valiant Petroleum today gave an update on its 2011 exploration programme.
The firm is targeting more than 30million barrels of oil equivalent (boe) of prospective resources from three committed wells.
It has contracted the Sedco 711 semi-submersible rig to drill the central North Sea Orchid prospect, which is 30% owned by Valiant, with spudding anticipated in the middle of the fourth quarter.
Joint-venture partners of the central North Sea Tryfan prospect, 33.3% owned by Valiant, recently agreed an exploration well for the fourth quarter of 2011, the firm said.
Operator Apache North Sea was said to be considering semi-submersible rig options and is due to make a decision in the coming weeks.
Finally, Valiant expects to drill the high-impact Zapffe prospect in the Norwegian Barents Sea in the late fourth quarter. Valiant owns 10% of Zapffe.
Peter Buchanan, chief executive, said: “Both individually and collectively, the prospective resources targeted by the Orchid, Tryfan and Zapffe exploration wells are material to Valiant and demonstrate our ability to deliver a significant exploration programme in addition to our on-going production and development operations.”
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