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.
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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.
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