2009-08-13-2009-04-01

To acquire company holding 10.50% interest in License P.201, Block 211/22a SE & License P.1383, Block 211/23d containing Causeway Field in U.K. North Sea.

Valiant Petroleum Plc (London AIM: VPP) plans to acquire the U.K. subsidiary of privately held Nor Energy AS, Calgary, in a deal valued at approximately US$25 million. The assets of Nor Energy (UK) Ltd. include a 10.50% interest in License P.201, Block 211/22a SE and License P.1383, Block 211/23d containing Causeway Field in the U.K. North Sea, in which Valiant will hold a 24.50% stake. Valiant has agreed to discharge a US$3 million loan to Nor UK and to pay a US$2 million deferred until after Causeway Field has achieved first oil. As part of the transaction, Valiant will acquire potential U.K. tax losses estimated to be US$20 million. The Field Development Plan ("FDP") for Phase I of Causeway Field development was submitted in December 2008 by the operator, Antrim Energy Inc., Calgary, (Toronto: AEN; London AIM: AEY). Phase 1 is forecast to initially produce 15,000 barrels of oil per day. Oriel Securities Ltd. and Tristone Capital were advisors to Valiant.