 |
3/8/2010 - VALIANT TO MOVE CAUSEWAY FORWARD FOLLOWING ACQUISITION |
| Valiant Petroleum plc inked an agreement to acquire Antrim Causeway (N.I.) Limited giving the company a 30.0% working interest in license P.201, block 211/22a SE and license P.1383, block 211/23d containing the Causeway field. Along with its interest in the Causeway field, Valiant anticipates acquiring up to GBP37 million ($56.0 million) of potential UK tax losses held in Antrim Causeway (N.I.) Limited associated with historic capital spend to the 30.0% working interest.
Completion of the acquisition is subject to various conditions precedent and regulatory consents, including full sanction of the field development plan by the field partners and the Department of Energy and Climate Change. Following completion of the transaction, Valiant will hold a 54.50% stake in the Causeway field.
It is Valiant’s intention to continue to progress the work done to date by Antrim and finalize a revised FDP for submission to DECC during 2010 in order to begin pursuing the first phase of the Causeway development to access oil volumes from the East Causeway area. |
| |
|