Valiant Farms Out North Sea Tybalt Well

To purchase additional interest in Tybalt appraisal well in Blocks 211/8c & 13c in the U.K. Northern North Sea

Valiant Petroleum Plc, London, (London: VPP) has signed a farm out agreement with Agora Oil and Gas (UK) Ltd., a subsidiary of Stavanger, Norway-based Agora Oil & Gas AS, where Agora will gain interest in the Tybalt appraisal well in Blocks 211/8c & 13c in the U.K. Northern North Sea for an undisclosed partial cost carry.

Agora increases its interest in Tybalt to 40% in return for the partial cost carry. Valiant will remain operator with a 60% interest. The Tybalt well is currently drilling ahead with the Borgsten Dolphin semi-submersible rig, with results anticipated in May.