Mar. 2013 - Trapoil entered into a $2.2 million definitive sale and purchase agreement in March 2013 concerning the acquisition of an additional 45% working interest in UK License P1556, block 29/1c. The license contains the Orchid field that was discovered in April 2012. Execution of the acquisition is conditional upon consent from the Department of Energy and Climate Change (DECC) and the license holders. Upon completion, interest holders in the license will be Trap Oil (60% and operator), Valiant Exploration (30%) and Atlantic Petroleum (10%). There are currently no work program commitments outstanding to either the DECC or the partners.

May. 2012 - Valiant Petroleum announced that the well on the Orchid prospect has reached a total depth of 9,333 feet. The well encountered a Chalk zone of over 280 feet (85 meters) which exhibited oil shows throughout and higher-than-anticipated porosities. The shallower, secondary Tertiary target sands were not present in the well location. Initial interpretation of the wireline log data by Valiant suggests the well has encountered a 50 foot (15 meter) pay zone above a large Chalk interval with low average oil saturations. The partnership has decided to plug and abandon the well pending further work on the data acquired to determine what further appraisal might be warranted.

Mar. 2012 - Summit Petroleum has commenced well operations at the Orchid prospect in the UK sector of the North Sea, with spudding anticipated in the next couple of days. Orchid is a dual target, four-way dip closure at Tertiary and Chalk level with gross prospective resources associated with the entire prospect estimated internally by Valiant to be 30 mmboe (net 9 mmboe). The well is being drilled by the Sedco 711 (mid-water semisub) and is anticipated to take 35-40 days to complete, once drilling commences.

Jan. 2012 - Valiant plans to spud the Orchid prospect in the middle of the first quarter of 2012. The operator will use the Sedco 711 (mid-water semisub) to drill the well. Orchid is a dual target, four-way dip closure at Tertiary and Chalk level located in Block 29/1c in the UK sector of the North Sea. Valiant estimates gross prospective resources for the entire prospect to be 30 MMboe.

Sep. 2011 - Summit recently contracted the Sedco 711 semisub to drill the Orchid prospect, located in UK Block 29/1c. The anticipated spud date is allocated for the middle of the fourth quarter. The Orchid prospect is a dual target opportunity in four-way dip closure at Tertiary and Chalk level. Summit estimates that Orchid holds 30 MMboe.

Apr. 2011 - Valiant's subsidiary, Valiant Exploration Limited, has reached an agreement to acquire a 30% stake in Block 29/1c containing the Orchid prospect from Summit Petroleum Limited in return for carrying a share of the cost of the initial exploration well, stated the press release. Orchid is a four-way dip closure in the Tertiary and Chalk horizons; and the operator of the prospect, Summit, is currently seeking a semisub to drill the well in the second half of the year. Orchid is located in the UK sector of the North Sea and is surrounded by the producing Banff, Kyle, Bittern and Gannet fields. It is also adjacent to acreage Valiant recently agreed to acquire from Sterling Resources, which contains a similar prospect and two smaller appraisal opportunities.