Apache Farms In On Valiant Petroleum's Viola North Prospect In North Sea

To acquire 50% farm-in interest in Viola North prospect in U.K. North Sea.

Apache North Sea Ltd., a subsidiary of Apache Corp., Houston, (NYSE: APA)plans to acquire a 50% interest in the Viola North 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.

Apache will pay 75% of well costs for Block 30/18b and is expected to participate in the drilling of a second exploration well in the Viola South prospect. Under the farm-in agreement, Apache will also become operator in the event of a commercial development.

Valiant recently farmed out a 20% interest in the Tybalt prospect in the North Sea to Agora Oil & Gas (UK) Ltd.