Advertisement

Valiant Petroleum subsidiary signs farm-out agreement with Maersk

Valiant Causeway, the wholly owned subsidiary of AIM-listed oil and gas exploration company Valiant Petroleum, has signed a farm-out agreement with Maersk Oil North Sea UK for its Isabella prospect located in the UK Central North.

Valiant Causeway, the wholly owned subsidiary of AIM-listed oil and gas exploration company Valiant Petroleum, has signed a farm-out agreement with Maersk Oil North Sea UK for its Isabella prospect located in the UK Central North.

Under the terms of the agreement, Valiant's well costs will be partially carried by Maersk Oil UK subject to a cap on the promoted costs.

Advertisement - Article continues below

Maersk Oil UK will also refund to Valiant certain historic costs associated with the licence at its working interest.

Following completion, Valiant's stake will reduce to 20% from its current 50% interest. The transaction remains subject to Department of Energy and Climate Change consent.

Isabella is a gas condensate prospect located on one of the largest undrilled fault blocks in the UK Central North Sea with prospectivity across multiple geological horizons.

Following completion of the transaction, the P1820 partners will be Apache North Sea, Maersk Oil North Sea and Valiant Causeway.

Valiant Petroleum's share price was up 0.22% to 461p at 09:28 on Friday.

MF

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

House price crash: UK property prices are falling – so where next?
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020
The end of the bond bull market and the return of inflation
Inflation

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020
How “support” and “resistance” can help you spot trading opportunities
Sponsored

How “support” and “resistance” can help you spot trading opportunities

Technical analysis can help traders manage risk and decide where to enter and exit a trade. One simple form of technical analysis is the concept of “s…
6 Jul 2020