Updates

Valiant Petroleum

December 2008

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

In a trading update covering the six months to 1 September, oil firm Valiant noted that significant progress had been made on its two main fields, Don Southwest and West Don in the North Sea. As a result first oil should be flowing from West Don early next year, with Don south West expected to contribute from the second quarter of '09. The capital costs of development continue to be broadly in line with original estimates.Valiant's financial position remains healthy and it currently has Â£57m of debt drawn down, leaving cash on hand of Â£53m as well as Â£5m in restricted cash earmarked for drilling commitments on the Don fields. Under normal circumstances we would expect the shares to rally early ...

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