Valiant Petroleum point to strong finances as first oil production beckons
07 April 2009
Valiant Petroleum, the oil and gas group that joined AIM in March last year, has set out is plans for 2009 - with expectations that first oil from its West Don field in the North Sea will come during April with production start-up from Don Southwest a few months later.
Since raising £50m on listing, Valiant has been working on bringing its core North Sea assets into production. During the year it agreed a US$200 million senior debt facility that will fund it through the early production stages of the fields.
In addition, the company is now planning to progress its portfolio of undeveloped discoveries towards field development to provide medium term production growth and production diversification. Five exploration and appraisal wells were drilled during the period of which three were successful
In the UKCS 25th Seaward Offshore Licensing Round, Valiant picked up eight new licences, including two new geographic areas for the group in West of Shetland and Central North Sea.
At the year end, the company’s cash balances stood at £50.7 million, net debt was £43.3 million (excluding loan fees) and losses for the 15 month period topped £31.5 million (including foreign exchange translation effects, write-offs and impairment items).
Peter Buchanan, Valiant’s chief executive, commented: “Given the current economic climate, we are extremely pleased with our maiden set of financial results as a listed company. Valiant remains in a strong financial position to deliver on its strategy and we look forward to first oil from West Don.”
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