Valiant Petroleum plc ("Valiant") announces that further to its press release on 24 May 2012 regarding the suspension of drilling operations on the Timon exploration well in the UK North Sea, the drilling contract with Awilco Drilling PLC has now been terminated as a consequence of the technical downtime.
The well has been suspended for re-entry and the licence partners are currently investigating alternative rig options to complete drilling of the Timon prospect. An update will be provided in due course.
The partners in the license are MPX North Sea Limited (operator, 15%), Agora Oil & Gas (UK) Limited (25%), Taqa Bratani Limited (18%), Wintershall E&P Limited (17%), Sorgenia E&P (UK) Ltd (15%) and Valiant Exploration Limited (10%).
Neither the content of the Company's website nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement nor, unless previously published by means of a Regulatory Information Service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.
Source: Valiant Petroleum
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