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
-
Water companies blocked from using customer money to pay “undeserved” bonusesThe regulator has blocked three water companies from using billpayer money to pay £1.5 million in exec bonuses
-
Will the Bitcoin price hit $100,000?With Bitcoin prices trading just below $100,000, we explore whether the cryptocurrency can hit the milestone.
