LONDON (SHARECAST) - Valiant Petroleum, an exploration and production energy company focused on the UK and Norwegian continental shelves, has been awarded five licences in the 27th Seaward Licensing Round.
Three of the licences will be 100% owned, with partial non-operated stakes in the other two of 30% and 33%, respectively.
The firm believes that the awards form an important step in its plan to continue the process of re-focussing the UK portfolio towards material opportunities and near-term development potential.
Valiant's work commitments on the provisional awards include one firm well and four contingent wells in addition to certain seismic purchase and reprocessing obligations.
Richard Morgan, Exploration Manager UK, said: "We are extremely pleased to have been awarded five licences in the 27th Round which are centred around a number of existing areas in the Central North Sea and West of Shetlands on which Valiant's exploration team has been focusing considerable effort towards identifying material targets in under-explored play fairways."