Shares soar as Valiant Petroleum completes drilling of Timon prospect
AIM-listed independent oil and gas company Valiant Petroleum has completed drilling of the Timon prospect located in the UK northern North Sea.
AIM-listed independent oil and gas company Valiant Petroleum has completed drilling of the Timon prospect located in the UK northern North Sea.
The company reported that the Upper Jurassic sands located in the area of the UK Northern North Sea known as blocks 211/11b and 211/16b had been found to be poorly developed in the target location.
The company said that the well would be plugged and abandoned as a dry hole.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The partners in the P1633 licence are MPX North Sea Limited, Agora Oil & Gas (UK) Limited a wholly owned subsidiary of Cairn Energy, Taqa Bratani, Wintershall E&P, Sorgenia E&P (UK) and Valiant Causeway.
Valiant Petroleum is a full-cycle exploration and production company with a primary focus on the UK and Norwegian Continental Shelves
Valiant's share price was up 28.43% to 443p at 11:25 on Friday.
MF
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%
Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the US
Medium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.