Agora Oil Acquires 20% Interest In Tybalt Prospect In U.K. North Sea

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Description

To acquire 20% farm-in interest in Tybalt prospect in U.K. North Sea.

Agora Oil & Gas (UK) Ltd., a subsidiary of Agora Oil & Gas AS, Stavanger, Norway, plans to acquire a 20% interest in the Tybalt prospect in the North Sea from Valiant Exploration Ltd., a subsidiary of Valiant Petroleum Plc, Surrey, England, (London Aim: VPP) in exchange for drilling commitments.

The Tybalt prospect (blocks 211/8c and 211/13c) was spudded in mid-April with the Diamond Ocean Nomad semi-submersible drilling rig. Under the agreement, Agora has an option to participate in the drilling of an appraisal well on the nearby Banquo discovery (Block 211/8a) and an exploration well on the Helena prospect (Block 211/13a)

Valiant will remain operator on the blocks.

Valiant recently farmed out a 50% interest in the Viola North prospect in the North Sea to Apache North Sea Ltd.