Valiant Petroleum announce full year results for the year ended 31 December 2012

Thursday, March 21, 2013
  • Production and sales below prior year.
  • Causeway first oil delivered safely - our first operated development.
  • Four well exploration programme delivered safely.
  • Production and cash flow growth from Dons, Causeway and Fionn.

Valiant Petroleum plc (Valiant, the Group or the Company) announces its full year results for 2012. All figures throughout this document are presented in United States dollars ($) unless otherwise stated.


Production & financial

  • Production and sales below prior year
  • Causeway on stream, but marginally delayed and at lower flow rates than anticipated
  • Strong operating cash flows
  • Small profit for the year, following exploration write down and Causeway impairment
  • Production growth in Q4, giving 11,500 bopd exit rate for the year

$ million
2011 (restated)
Operating cash flow
Exploration write-down
Profit after tax
Net (debt) / cash
Production / bopd
Production exit rate / bopd
2P Reserves / mmboe


  • Causeway first oil delivered safely - our first operated development
  • Reserves increase on Don Fields greater than volume produced during the year
  • 2P Reserves overall reduction following Crawford reclassification


  • Four well exploration programme delivered safely
  • Small oil discovery on Orchid
  • 8 new licences won in 3 licencing rounds in UK, Norway and Iceland
  • Strengthened Norwegian portfolio with acquisition from Rocksource
  • Rigs secured for high impact 2013 exploration programme

2013 Outlook

  • Production and cash flow growth from Dons, Causeway and Fionn
  • Completion of Causeway and Fionn developments
  • New Don Fields wells adding further Reserves
  • Optimisation of exploration portfolio - retain upside but reduce cost through farmouts
  • High impact exploration and appraisal programme

    • Including Handcross, Norvarg and Storbarden wells

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

Related News

Join 70,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Your details are never shared or sold. We hate spam too.

» More Jobs       » Upload a free Job       » Upload your CV

More Europe Jobs

More Global Jobs

Opinion & Commentary

  • Eight pieces of our oil price predicament
    A person might think that oil prices would be fairly stable. Prices would set themselves at a level that would be high enough for the majority of producers, so ...
  • Give us a break...
    I see that Oil & gas UK has been talking again about the need for George Osborne to ‘put his money where his mouth is’ (I paraphrase!) and change the fiscal terms operati ...
  • Why it's different this time
    Is this downturn in oil prices going to be different for investors? I think it might. In fact, I think North American energy companies have a good chance of withstanding th ...

» More Opinion & Commentary         » Write for us             RSS RSS

Oil & Gas Training

Mastering 4D Seismic
Ian Jack, London, 06 Nov 2014

Petroleum Geology of West Africa
Duncan Macgregor, London, 12 Nov 2014

Introduction to Contingency Planning: The value to oil and gas companies in high-risk areas
Mark Theobald, London, 18 Nov 2014

All Upcoming Training

Opinions & Commentary

Oil price, Wood Group, IGas, Ithaca, Caza, Sundry and finally...

by Malcolm Graham-Wood

Read More »