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Valiant Petroleum plc: Orchid Prospect Farm-In

UK North Sea

April 2011

Valiant Petroleum plc ("Valiant") is pleased to announce that its wholly owned subsidiary, Valiant Exploration Limited, has reached an agreement to acquire a 30% stake in Block 29/1c containing the Orchid prospect from Summit Petroleum Limited ("Summit") in return for carrying a share of the cost of the initial exploration well.

The Orchid prospect is a four-way dip closure in the Tertiary and Chalk horizons and is a located in the Central North Sea surrounded by the producing Banff, Kyle, Bittern and Gannet group of fields. The Orchid prospect is located adjacent to acreage Valiant recently agreed to acquire from Sterling Resources (U.K.) Ltd, which contains a similar prospect and two smaller appraisal opportunities.

Summit, the operator, is currently seeking a semi-submersible rig to drill the prospect in the second half of the year.

Stellar acted as advisors to Summit Petroleum.