Ithaca Petroleum Ltd, (formerly Valiant Petroleum plc), is engaged in oil and gas exploration and development in the Northwest European Continental Shelf. As of December 31, 2011, the Company�s asset portfolio included Don Southwest, West Don, Crawford & Porter, Causeway and Fionn. During the year ended December 31, 2011, it completed the third phase of the Don Fields development, including new production wells in Don Southwest, West Don and Conrie. During 2011, it drilled two exploration wells in Norway (Chamonix, Zapffe). During 2011, it produced 7,453 barrels of oil per day. In Norway, two wells were drilled on the Chamonix prospect (PL 471) in the Norwegian Sea (Valiant, 20%), and the Zapffe prospect (PL 518) in the Barents Sea. In July 2011, Valiant completed the acquisition of Sagex Petroleum ASA (Sagex). In April 2013, Ithaca Energy Holdings (UK) Ltd acquired the entire share capital of Valiant Petroleum PLC.