The transaction is contingent on the Causeway Field achieving first oil.
Valiant Petroleum is an oil and gas company formed in 2004 with a focus on UK North Sea. Valiant CEO Peter Buchanan commented: “The acquisition of Nor Energy UK gives Valiant a more meaningful stake in the North Sea Causeway Field and we look forward to continuing to work with the field partners to ensure the timely delivery of this development.” As part of the deal, Valiant will incur tax losses of up to £14.5 million.
The successful admission to AIM in March 2008 enabled Valiant to raise £46.0 million in net proceeds. “Valiant has made excellent progress in delivering on its strategy to be a significant North Sea energy and petroleum company and is now in a position to capitalise on exciting exploration and acquisition opportunities in our core areas,” Buchanan added.