Valiant Petroleum, an exploration and production energy company focused on the UK and Norwegian continental shelves, said Friday that a drilling rig has arrived on location to complete drilling of the Timon prospect, in which Valiant has a 10 per cent interest.

The 211/11b-7 well was originally spudded in May 2012 before being suspended due to operational problems with the previous drilling rig.

The well is anticipated to take around 40 days to complete.

The gross best estimate prospective resources, as estimated by Valiant, is 30m barrels of oil equivalent, of which 3.0m is net to Valiant.

Other companies which have a stake in the licence are North Sea (operator 15%), Agora Oil & Gas (a wholly owned subsidiary of Cairn Energy) (25%), Taqa Bratani (18%), Wintershall E&P (17%), and Sorgenia E&P (UK) (15%).

The share price was unchanged by the afternoon on Friday.

NR

Related share prices
Cairn Energy (CNE) share price
Valiant Petroleum (VPP) share price