May. 2012 - Valiant Petroleum plc announced that the Tybalt appraisal well 211/8c-5 has reached a total depth of 13,212 feet MD. The well penetrated a full Upper Magnus Sandstone Member (UMSM) section, comprising 844 feet gross, with 316 feet of net sand. Two hundred and ten feet of core was successfully recovered from this interval. Initial interpretation indicates that the hydrocarbon saturations recorded throughout the section were broadly similar to the 211/8c-4z discovery well drilled in 2010. Despite similar porosities, recorded permeabilities in the current well registered lower than most expectations. Moveable hydrocarbons were not detected during reservoir testing. Test points located in the lower part of the UMSM recovered water, while stations towards the top of the interval were tight. Valiant Petroleum and its partners at the Tybalt field are suspending the well. Additional technical analyses will be necessary to determine the size of and any potential in the Tybalt accumulation. Tybalt is operated by Valiant Petroleum, which holds 60 percent interest in the field. Agora Oil and Gas AS, a fully-owned subsidiary of Cairn Energy PLC owns the remaining 40 percent interest.

Apr. 2012 - Valiant Petroleum has signed a farm-out agreement with Agora Oil and Gas for the Tybalt appraisal well in the UK sector of the North Sea. Agora will increase its interest in Tybalt to 40 percent in return for a partial cost carry. Valiant will remain as operator with a 60 percent interest.

Apr. 2012 - Cairn Energy has agreed to buy Norwegian oil firm Agora Oil & Gas as part of a strategy to balance its portfolio of assets. Cairn will pay $450 million for Agora, which holds several assets in the UK and Norwegian North Sea. Agora holds a 15 percent stake in the Catcher P1430 license in the Central North Sea and a 20 percent interest in the Tybalt P1632 license in the Northern North Sea, along with nine other licenses.

Mar. 2012 - Valiant Petroleum has commenced drilling on the Tybalt appraisal well in the UK sector of the North Sea. The work program, which includes a well and a contingent test, is designed to prove commercially exploitable volumes via a nearby infrastructure which includes the Magnus fields and the Dons Area complex. Tybalt is an Upper Jurassic discovery originally made by Valiant in 2010 with gross resources estimated at Valiant to be 7 MMbbls. The well is being drilled by the Borgsten Dolphin (mid-water semisub) rig and is expected to take 35-40 days to complete.

Oct. 2011 - Valiant Petroleum is set to drill an appraisal well on its Tybalt discovery in the UK sector of the North Sea. The company has contracted the Borgsten Dolphin semisub to drill the well. Appraisal drilling is slated for 1Q12. Once drilling is completed, the company will commence development drilling on the Causeway field. Valiant operates both fields.

Sep. 2010 - Valiant Petroleum reported extensive analytical work is being carried out on the Tybalt field to identify an optimal drilling location to further appraise the field in order to prove the total STOIIP, while understanding the connectivity of the reservoir to establish ultimate recoverable reserves. Appraisal drilling is planned for 2011. The Tybalt prospect is situated in Quad 211 in the UK sector of the North Sea. Valiant owns an 80% operating interest in the prospect; Agora Oil and Gas owns the remaining 20%.

Jun. 2010 - A second exploratory well, 211/8c-4Z, on the Tybalt field was tested, flowing at a peak rate of 5,400 bopd and 4 MMcf/d on a 56/64-inch choke, representing a combined rate in excess of 6,000 boepd. Oil samples from the test confirm a light crude oil with an API of 38 to 40 degrees. The current well will be suspended for potential use as a future appraisal or development well. After analyzing gathered data, Valiant suggests that the current well was not ideally placed in order to evaluate the full extent of the discovery. Further evaluation will be carried out to focus on defining the extent and nature of the Upper Magnus reservoir in the area to pinpoint an exact location for an appraisal well, which Valiant intends to drill in the next 12 months. The Tybalt prospect is situated in Quad 211 in the UK sector of the North Sea. Valiant owns an 80% operating interest in the prospect; Agora Oil and Gas owns the remaining 20%.

Jun. 2010 - Valiant discovered light oil in Tybalt's sidetrack exploration well 211/8c-4z in the four-way dip T1 structure on the West Tybalt prospect. The well encountered an oil bearing reservoir section in the Upper Magnus sands of about 550 feet (168 meters). The find is larger than pre-drill estimates, and collected pressure data imply up to three separate columns may be present with the largest totaling 423 feet (129 meters). The size of the encountered oil column suggest the East and West Tybalt discoveries are in communication and a more complex geological setting is present. Valiant performed an extensive data collection program, and will now proceed with a drill stem test of the well. Valiant serves as operator of the blocks with an 80% working interest; the remaining 20% is held by Agora Oil & Gas (UK) Limited.

May. 2010 - Valiant discovered hydrocarbons in the Tybalt exploration well, 211/8c-4. The targeted Upper Magnus Sand Formation, within the eastern 'T2' pinch-out prospect, intersected a gross oil column of 278 feet (85 meters). Initial data confirmed at least 63 feet (19 meters) of reservoir, lower than pre-drill estimates, however net pay over the drilled section remains to be determined. The well was drilled by Diamond's Ocean Nomad semisub and was expected to take about 30 days to reach its targeted depth of 11,401 feet (3,475 meters). Currently, Valiant is collecting data, and once analyzed, the net pay has the potential to increase in this part of the field. The company also plans to drill a sidetrack well to test a four way dip 'T1' structure (West Tybalt) located west of the current well. The Tybalt prospect is situated in Quad 211 in the UK sector of the North Sea. Valiant owns an 80% operating interest in the prospect; Agora Oil and Gas owns the remaining 20%.

Apr. 2010 - Valiant commenced drilling operations on the 211/8c exploratory well on the Tybalt prospect. The well is preparing to spud today and should take around 30 days to reach its target depth of roughly 11,400 feet (3,475 meters) true vertical depth subsea. Diamond Offshore's Ocean Nomad semisub will perform drilling operations. The prospect is located in the Magnus sand formation and is targeting initial, gross P50 prospective resources of 35.6 MMbbl in the eastern 'T2' location. A sidetrack well may also be performed depending on results of the initial well to test a four-way dip 'T1' structure to the west of the main prospect. The Tybalt prospect is situated in Quad 211 in the UK sector of the North Sea. Valiant owns an 80% operating interest; Agora Oil and Gas holds the remaining 20%.

Mar. 2010 - Valiant has farmed-out a 20% stake in the Tybalt prospect to Agora Oil & Gas UK, which is due to be drilled in April by the Ocean Nomad semisub. Under the agreement, Agora will partially carry Valiant's well costs to obtain a 20% stake, with Valiant remaining as operator and holding an 80% interest. Agora also has the option to participate in the drilling of an appraisal well on the nearby Banquo discovery and an exploration well on the Helena prospect. The Tybalt prospect is situated in Quad 211 in the UK sector of the North Sea.

Mar. 2010 - Diamond Offshore's Ocean Nomad semisub is expected to arrive at the Tybalt prospect at the beginning of April 2010, kicking off Valiant's 2010 exploration program. Located in Quad 211 in the UK sector of the North Sea, the Tybalt well is targeting P50 prospective resources of c.46 MMboe. Valiant wholly owns and operates the prospect.

Jan. 2010 - Contingent upon the signing of a final contract, Valiant has secured the Diamond Ocean Nomad semisub to conduct exploratory drilling on the Tybalt prospect in Quad 211 in the UK sector of the North Sea. It is anticipated drilling will commence at the end of the first quarter of 2010, targeting P50 prospective resources of c.46 MMboe. If a discovery is made, Valiant may jointly develop Tybalt and the recent Banquo discovery, tying the fields back to existing infrastructure and allowing for first oil in 2011. Valiant wholly owns and operates the prospect.