Valiant Petroleum announce rig contract for Handcross exploration well
Monday, Apr 09, 2012
Valiant Petroleum plc ("Valiant") is pleased to announce that it has entered into a contract to secure a firm rig slot on the Stena Carron drillship to drill the Handcross prospect (Valiant, 90%, operator) located in UK Blocks 204/18b West of Shetlands. Based on the Stena Carron's current schedule the rig slot is expected to fall within the first quarter of 2013. The Department of Energy and Climate Change has agreed a six month extension to fulfil the Initial Term obligation.
The Handcross prospect is a large stratigraphic trap, similar to the nearby Foinaven and Schiehallion fields, which benefits from a number of geophysical anomalies interpreted to reflect the presence of hydrocarbons in Paleocene sands. Gross prospective resources are estimated internally by Valiant to be 180 million barrels of oil equivalent (net 162 mmboe).
Peter Buchanan, CEO, commented:
"We are extremely pleased to have secured a deep water rig to drill the Handcross prospect which is one of the most exciting high-impact wells in Valiant's portfolio. We look forward to working together with our partner over the coming months to ensure that the well is delivered safely and successfully."
Source: Valiant Petroleum
To access over 2,700 of the latest oil projects from across the world visit Projects OGP for free trial today
Other Exploration News
- Gran Tierra Energy announces initial well results in Colombia and production update
- ERHC Energy Inc. completes environmental impact assessment on Block BDS 2008 in Chad
- Canacol Energy Ltd. encounters 133 feet of net oil pay in the Leono 1 exploration well in Colombia
- VMS Ventures Inc.announces 100 new exploration targets identified at Maniitsoq preliminary 2013 airborne geophysical data enhances nickel camp potenti