Valiant Petroleum, the operator of the Tybalt appraisal well in the North Sea, has signed a 'farm-out' agreement with its current partner in the project, Agora Oil.
The move will see Agora increase its stakeholding to 40%, in return for a partial cost carry. Valiant will remain operator with a 60% interest.
The Tybalt well is currently being drilled by the Borgsten Dolphin semi-submersible rig, with results anticipated in May.
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Valiant shares had risen 1.5% by 11:09 on the news of the farm-out; since the beginning of the year the stock is ahead by 33%.
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