Valiant Petroleum (AIM:VPP) Field start-up
Valiant Petroleum and Antrim Energy has announced production start-up from the Causeway field in the UK North Sea in which they hold a 35.5% and 64.5% interest,
The initial production rate of 4,500 bopd (gross) is less than expected as the well is being “choked back” (choke setting: 53%), due to well clean up issues which are taking longer than expected on the horizontal well. Causeway is expected to produce at a peak production rate of 10,000 bopd (gross) once the clean-up process is completed. Broker Westhouse comments that Valiant Petroleum continues to trade at a material discount to core NAV of 494p per share, but the start-up of production from Causeway should help shore up the company’s core value. The incremental production will also help Valiant…