Valiant Petroleum, an exploration and production energy company focused on the UK and Norwegian continental shelves, has been awarded five licences in the 27th Seaward Licensing Round.
Three of the licences will be 100% owned, with partial non-operated stakes in the other two of 30% and 33%, respectively.
The firm believes that the awards form an important step in its plan to continue the process of re-focussing the UK portfolio towards material opportunities and near-term development potential.
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's work commitments on the provisional awards include one firm well and four contingent wells in addition to certain seismic purchase and reprocessing obligations.
Richard Morgan, Exploration Manager UK, said: "We are extremely pleased to have been awarded five licences in the 27th Round which are centred around a number of existing areas in the Central North Sea and West of Shetlands on which Valiant's exploration team has been focusing considerable effort towards identifying material targets in under-explored play fairways."
NR
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the USMedium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.
