September 22, 2014 9:07 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Valiant Petroleum plc

Company Overview

Valiant Petroleum plc, an independent oil and gas company, engages in the development and exploration of oil and gas reserves primarily in the United Kingdom North Sea, Norway, and the Faroe Islands. The company holds interests in various properties that include Don Southwest, West Don, Causeway, Fionn, and Crawford and Porter. As of December 31, 2012, it had proved plus probable reserves of approximately 18.3 million of barrels of oil equivalent. The company was founded in 2004 and is headquartered in Woking, the United Kingdom. As of April 18, 2013, Valiant Petroleum plc operates as a subsidiary of Ithaca Energy Holdings (UK) Limited.

Victoria Gate

Chobham Road

Woking,  GU21 6JD

United Kingdom

Founded in 2004

59 Employees

Phone:

44 14 8375 5666

Fax:

44 14 8377 6573

Key Executives for Valiant Petroleum plc

Acting Chief Executive Officer
Age: 47
Chief Financial Officer and Executive Director
Age: 48
Chief Operating Officer and Executive Director
Age: 60
Director of Corporate & Commercial and Executive Director
Compensation as of Fiscal Year 2014.

Valiant Petroleum plc Key Developments

Valiant Petroleum plc Announces Group Earnings and Operating Results for the Year Ended December 31, 2012; Reports Company Cash Flow Results for the Year Ended December 31, 2012

Valiant Petroleum plc announced Group earnings and operating results for the year ended December 31, 2012. For the year, revenue was $232,805,000, operating loss was $59,822,000, loss for the year before tax was $67,670,000 and profit for the year was $1,275,000 or 3 cents per diluted share against revenue of $317,668,000, operating profit of $150,184,000, profit for the year before tax of $142,403,000 and profit for the year of $108,117,000 or 264 cents per diluted share for the same period a year ago. Net cash inflow from operating activities was $112,290,000 and purchase of property plant and equipment was $144,779,000 against net cash inflow from operating activities of $244,386,000 and purchase of property plant and equipment of $57,352,000 a year ago. Purchase of intangible exploration and evaluation assets was $107,458,000 against $89,738,000 a year ago. Net debt was $119 million for the year ended December 31, 2012. On company basis, net cash outflow from operating activities was $22,988,000 against net cash inflow from operating activities of $12,972,000 a year ago. Purchase of property plant and equipment was $53,000 against $302,000 a year ago. Purchase of intangible assets was $267,000 against $386,000 a year ago. The production volume for the year averaged 6,497 bopd against 7,453 bopd a year ago.

Valiant Petroleum plc Completes Drilling of Timon Prospect Located in the UK Northern North Sea in Blocks

Valiant Petroleum plc announced that it has completed drilling of the Timon prospect (Valiant, 10%) located in the UK Northern North Sea in Blocks 211/11b and 211/16b. The Upper Jurassic sands were found to be poorly developed in the target location and the well will now be plugged and abandoned as a dry hole. The partners in the P1633 licence are MPX North Sea Limited (operator, 15%), Agora Oil & Gas (UK) Limited (a wholly owned subsidiary of Cairn Energy PLC) (25%), Taqa Bratani Limited (18%), Wintershall E&P Limited (17%), Sorgenia E&P (UK) Ltd. (15%) and Valiant Causeway Limited (10%).

Valiant Petroleum plc Provides Update on the Timon Well Operations

Valiant Petroleum plc announced that the Transocean John Shaw semi-submersible drilling rig has arrived on location to complete drilling of the Timon prospect located in the UK Northern North Sea in Blocks 211/11b and 211/16b. The 211/11b-7 well was originally spudded in May 2012 before being suspended due to operational problems with the previous drilling rig. The well is anticipated to take around 40 days to complete. Timon is an Upper Jurassic sand play with gross best estimate prospective resources estimated by Valiant to be 30 million barrels of oil equivalent (net 3 mmboe). The partners in the P1633 licence are MPX North Sea Limited (operator, 15%), Agora Oil & Gas (UK) Limited (25%), Taqa Bratani Limited (18%), Wintershall E&P Limited (17%), Sorgenia E&P (UK) Ltd. (15%) and Valiant Causeway Limited (10%).

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