The well is preparing to spud using the Diamond Ocean Nomad semi-sub drilling rig and take around a month to reach its target depth of approximately 11,400ft true vertical depth sub-sea.
The Tybalt prospect is located in the Magnus sand formation and is targeting initial, gross P50 prospective resources of 35.6 million barrels of oil (mmbbls) in the eastern T2 location (Valiant net: 28.5mmbbls). Depending on the results of the initial well a side-track may also be undertaken to test a four-way dip T1 structure immediately to the west of the main prospect.
Valiant acts as operator of the blocks and holds an 80% working interest. Agora Oil & Gas (UK) (Agora) holds the remaining stake subject to a recent farm-in agreement, which partially carries Valiant’s costs.
Agora will also have an option, exercisable within six months of completion of the Tybalt well, to participate in the drilling of an appraisal well on the nearby of Banquo discovery (Licence P.212, Block 211/8a) and an exploration well on the Helena prospect on the same terms. Consent of the Department of Energy and Climate Change to the transfer has now been received.
Peter Buchanan, CEO of Valiant, said: “We are pleased that Valiant’s 2010 exploration campaign has begun following the commencement of drilling operations on the Tybalt prospect.
“The Tybalt well is the first of two material, Valiant-operated exploration prospects, which will be tested this year with the Viola North prospect anticipated to follow-on shortly after the current well during the summer.”
