Valiant open to offers – MoneyWeek

Otheroptionsbeinglookedatincludeacquisitionsofassets,includingfarm-instakes,whileontheothersideofthecoin,thecompanyisalsoopentotheideaoffarming-outsomeofitsinterestinassets,ordisposingofexistingassets。

Infact,justaboutalloptionsappeartobeonthetable,includingpoodlingalongtryingtogroworganically。

Valianthasbuiltastrongfoundationasafullcycleexplorationandproductioncompanyandasaboardwearekeentoensurewepositionthisbusinesstoachieveitscompletepotential。

Thisisthereforeatimelyreviewwhichweapproachwithadeterminationtoassessthefullrangeofourstrategicoptions,saidPeterBuchanan,ChiefExecutiveofficerofValiant。

Theannouncementtooksomeofthestingoutofadisappointingsetofinterimfigureswhichwereblightedbyawrite-offof$76。

4mofcostsrelatingtounsuccessfulexplorationattempts。

Thewrite-downpushedthecompanyintotheredatthehalf-yearstage,butthelossbeforetaxof$43。

5mwasatleastanimprovementonthelossof$79。

5minthefirsthalfof2011。

Productionguidancefortheyearremainsunchanged,withoutputheavilyweightedtothesecondhalf。

Thegroupsaiditisfullyfundedfor2013explorationanddevelopmentprogramme。

Theexplorationprogrammehasbeendisappointing,althoughtheOrchiddiscoveryhaspromise,saidcompanybossPeterBuchanan。

Valiantspreliminaryworkshowtheretobe4mto7mbarrelsofresourcesattheOrchidwell,whichhaspotentialtobepartofanareawidedevelopmentinthefuture。

Fourotherwellsdrilledinthefirsthalfof2012allturnedouttobeduds。

ThelongertermexplorationportfoliohasconsiderablystrengthenedbothinNorwayandtheUKandincludeshigherimpactprospectstobedrilledin2013and2014,Buchanansaid。

JH

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