Valiant agrees Isabella farm-out pact with Maersk Oil
BY IAN WALKER
LONDON -- Valiant Petroleum, said its wholly owned subsidiary Valiant Causeway has signed a farm-out agreement with Maersk Oil North Sea over its Isabella prospect located in the United Kingdom Central North Sea Blocks 30/6b, 30/11a & 30/12d.
Under the agreement, Valiant' s well costs will be partially carried by Maersk Oil subject to a capital on the promoted costs.Maersk Oil will also refund to Valiant certain historic costs associated with the license at its working interest.
Following completion, Valiant' s stake will reduce to 20% from its current 50% interest. Transaction remains subject to DECC consent. Following completion of the transaction, the P1820 partners will be Apache North Sea 50% operator, Maersk Oil North Sea 30% and Valiant Causeway 20%.
Dow Jones Newswires