Valiant Petroleum has commenced drilling operations have on its operated Tybalt exploration well (Licence P1632, Blocks 211/8c and 211/13c). The well is preparing to spud today using the Diamond Ocean Nomad semi-sub drilling rig and take around 30 days to reach its target depth of approximately 11,400 ft true vertical depth sub-sea (~3,475 metres).

The Tybalt prospect is located in the Magnus sand formation and is targeting initial, gross P50 prospective resources of 35.6 million barrels of oil ("mmbbls") in the eastern 'T2' location (Valiant net: 28.5 mmbbls). Depending on the results of the initial well a side-track may also be undertaken to test a four-way dip 'T1' structure immediately to the west of the main prospect.

Valiant act as operator of the blocks and hold an 80% working interest. Agora Oil & Gas (UK) Limited ("Agora") hold the remaining 20% stake subject to a recently announced farm-in agreement which partially carries Valiant's costs. Agora will also have an option, exercisable within six (6) months of completion of the Tybalt well, to participate in the drilling of an appraisal well on the nearby of Banquo discovery (Licence P.212, Block 211/8a) and an exploration well on the Helena prospect on the same terms. Consent of the Department of Energy and Climate Change to the transfer has now been received.

Peter Buchanan, Valiant's CEO, commented, "We are pleased that Valiant's 2010 exploration campaign has begun following the commencement of drilling operations on the Tybalt prospect. The Tybalt well is the first of two material, Valiant-operated exploration prospects which will be tested this year with the Viola North prospect anticipated to follow-on shortly after the current well during the summer."

Tags: Valiant Petroleum Limited