Valiant turns black on Don flows

British swimmer Mark Foster poses for photographers with the Union flag outside the National Aquatics Centre, also known as the Water Cube, in Beijing August 6, 2008. Foster, who is competing at his fifth Olympic games will carry the British flag at the opening ceremony. REUTERS/Phil Noble (CHINA)

REUTERS/PHIL NOBLE

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By News Wires

 31 March 2010 08:01 GMT

British oil and gas company Valiant Petroleum swung to a full-year pretax profit, following the start of production from its West Don and Don Southwest fields in the northern North Sea.

The company said it was confident of committing to new projects, which would come on stream in the next few years, as the current medium-term outlook for oil prices looked more stable than last year.

Valiant, which operates primarily in the Northern North Sea, said it agreed to farm out the Viola North exploration prospect to Apache and the Tybalt prospect to Agora Oil and Gas.

Apache will pay 75% of the Viola well costs for a 50% stake in the project, while Agora will partially carry out the Tybalt well costs for…

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