TR-1: NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Valiant Petroleum plc

2. Reason for the notification (please place an X inside the appropriate bracket/s):

An acquisition or disposal of voting rights: (X)

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached: ( )

An event changing the breakdown of voting rights: ( )

Other (please specify) : ( )

3. Full name of person(s) subject to the notification obligation:

HBOS plc

4. Full name of shareholder(s) (if different from 3.):

See Section 9

5. Date of the transaction (and date on which the threshold is crossed or reached if different):

17 June 2008

6. Date on which issuer notified:

19 June 2008

7. Threshold(s) that is/are crossed or reached:

5%

8. Notified details:

……………..

A: Voting rights attached to shares

Resulting situation after the triggering transaction 

B: Financial Instruments

Resulting situation after the triggering transaction 

Total (A+B)

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable :

Uberior Energy Investments Limited (a wholly owned subsidiary of HBOS plc) - 1,418,181 (5.404%)

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will cease to hold:

N/A

12. Date on which proxy holder will cease to hold voting rights:

N/A

13. Additional information:

Notification using the total voting rights of 26,245,398

14. Contact name:

Kenny Melville

15. Contact telephone number:

0131 243 8671

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