Valiant agrees farm-out for Tybalt well
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.
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.
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
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%.
BS
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published