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Valiant Petroleum plc : - Icelandic Licencing Round

12/04/2012 | 02:41am US/Eastern

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Valiant Petroleum plc

PRESS RELEASE

4 December 2012

Icelandic Licencing Round

Valiant Petroleum plc ("Valiant") notes the following press release made on 3 December 2012 by Orkustofnun, the Icelandic National Energy Authority, with regard to the provisional results of the second Licensing Round for hydrocarbon exploration and production licences on the Icelandic Continental Shelf in the Dreki Area of the Jan Mayen Ridge. Further details will be provided in due course.

Exert from Icelandic National Energy Authority press release:

Norway participates in exploration for oil and gas in Iceland through Petoro.

3.12.2012

"The National Energy Authority of Iceland (NEA) has today finished processing two applications for licences for exploration and production of hydrocarbons in the Dreki Area. The Ministry of Petroleum and Energy in Norway has today, 3 December 2012, notified NEA of their decision to participate in both licences to a 25 % share in accordance with the agreement between Iceland and Norway.

NEA sought the opinions of the Ministry for the Environment and the Ministry of Fisheries and Agriculture in accordance with the hydrocarbons act and evaluated the opinions based on the applications and the work programmes involved. Furthermore, NEA made a careful evaluation of the technical and geological capacity of the applicants to handle the extensive activities associated with the licence.  Finally, NEA studied the financial capacity of the parent companies of the applicants in order to ensure that the applicants have sufficient financial strength to conduct the activities for the long-term and can handle the corresponding environmental and safety elements.

Following the processing of NEA of the applications at the end of October, NEA made a decision to grant licences to Faroe Petroleum Norge AS, Branch in Iceland and Iceland Petroleum ehf., on the one hand, and Valiant Petroleum ehf. and Kolvetni ehf., on the other. Furthermore, the Norwegian authorities were notified of the decision, draft licences sent for their perusal and a formal answer requested on whether they intended to participate in the licences in accordance with the agreement between Iceland and Norway from 1981, which entails the right of Norway to participate in licences within the area of the agreement up to a 25 % share.

The anticipated licensees have read the draft licences and submitted their comments, which NEA has taken into account as has been agreed by the parties involved. Norway has also participated in this process through the Ministry of Petroleum and Energy, i.e. gone through the draft licences and submitted comments to NEA.

The Ministry of Petroleum and Energy in Norway has today, 3 December 2012, notified NEA of Norway's decision to participate in both licences to a 25 % share in accordance with the agreement between Iceland and Norway.

The licences cannot by issued before the Norwegian Parliament has approved the decision on the participation by the Kingdom of Norway through the State-owned oil company Petoro AS. Following this and the signing of the parties to the licences of their joint operating agreements, NEA will grant the licences, probably in the beginning of January of next year."

The full press release can be found at: http://www.nea.is/the-national-energy-authority/news/nr/1300

Valiant Petroleum plc

+44 (0) 1483 755 666

Nick Ingrassia, Investor Relations           

Brunswick Group (Public Relations)

+44 (0) 20 7404 5959

Patrick Handley/ Catriona McDermott

Oriel Securities Limited (NOMAD, Joint Broker)

+44 (0) 20 7710 7600

Michael Shaw/ Gareth Price

Jefferies Hoare Govett (Joint Broker)

+44 (0) 20 7029 8000

Chris Zeal/ Graham Hertrich

ENDS

Neither the content of the Company's website nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement nor, unless previously published by means of a Regulatory Information Service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.


This information is provided by RNS
The company news service from the London Stock Exchange

RNS news service provided by Hemscott Group Limited.

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