Valiant braves North Sea with $242m funds
VALIANT Petroleum has secured a £120m ($242m) funding package from the Bank of Scotland, and acquired a stake in the UK North Sea’s latest oil project Causeway. The British independent oil company will be using the new finance facility to pay its part of the current three-well drilling programme on the Causeway field and to develop two Don fields, named after the river that flows through Scotland’s oil capital Aberdeen.Valiant has bought a 14% stake in Causeway from Aberdeen-based Dana Petroleum to increase its position in UK northern North Sea undeveloped discoveries, so it will be expected to pay a share in the current appraisal drilling campaign.Operator Antrim Energy discovered the Causeway field in block 211/22 last year with a well on the eastern part of the structure and has contracted AGR Peak and the semi-submersible rig Transocean Prospect to drill three appaisal wells.The first well tested oil from two zones in the central Causeway area at a combined rate o
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