A SUBSIDIARY of AIM-listed Valiant Petroleum has struck a farmout agreement with Maersk Oil UK that will reduce its stake in the Isabella prospect in the central UK North Sea.
The deal will see Danish-based Maersk partially cover Valiant Causeway's drilling costs for the well, with Maersk also refunding some of Valiant's historic costs associated with its licence.
In exchange, Valiant's stake in the prospect will reduce to 20% from 50% on completion of the trans-action, which is subject to approval by the Department of Energy and Climate Change.
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