Valiant Petroleum discovers oil at East Tybalt, North Sea

Valiant Petroleum (AIM: VPP) confirmed the discovery of hydrocarbons in the Tybalt exploration (well 211/8c-4) in the Upper Magnus Sand Formation within the eastern 'T2' pinch-out prospect having intersected a gross oil column of 85 meters.  The Magnus Sand Formation in the North sea was the initial target of the well, which has a gross P50 prospective resource of 35.6 million barrels of oil.
Valiant'S P1632 licence is located in the UK northern North Sea License P1632. The well was drilled by the Diamond Ocean Nomad semisub, and was expected to take around 30 days to reach its target depth of around 3,475 meters.
Valiant reported this morning that initial data from the well confirmed at least 19 meters of reservoir, lower than pre-drill estimates, but with many tests still running, the final net pay calculation is yet to be calculated.
The company also plans to drill a sidetrack from the well to test a four way dip structure (West Tybalt) which lies west of the current well.  The company is also weighing up the possibility of an additional sidetrack and a drill stem test to fully test the reservoir’s properties.

Valiant is operator of the blocks with an 80% working interest. The remaining 20% is held by Agora Oil & Gas.
Valiant CEO Peter Buchanan commented: "We are pleased with the early indications from the East Tybalt well. In the event of further success in the West Tybalt side-track well, Valiant believe that sufficient hydrocarbon volumes will have been identified to proceed with a development either on its own or alongside the development / re-development of the other fields in the area including the nearby Valiant-operated Banquo and Helena discoveries."

http://www.proactiveinvestors.co.uk/companies/news/16421/valiant-petroleum-discovers-oil-at-east-tybalt-north-sea-16421.html