Valiant Petroleum PLC - Holding(s) in Company

TR-1: Notifications 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 notification (yes/no)

An acquisition or disposal of voting rights

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 notification obligation:

OZ Management LP and Och-Ziff Management Europe Ltd.

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

Goldman Sachs Securities Nominees Limited

Morstan Nominees Limited

The Bank of New York (Nominees) Limited

Vidacos Nominees Limited

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

26 May 2010

6. Date on which issuer notified:

28 May 2010

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

8: Notified Details
A: Voting rights attached to shares
Class/type of shares If possible use ISIN code	Situation previous to the triggering transaction		Resulting situation after the triggering transaction
	Number of shares	Number of voting rights	Number of shares	Number of voting rights		Percentage of voting rights
				Direct	Indirect	Direct	Indirect
GB00B2NJD643		1,865,695			Less than 5%		Less than 5%

B: Financial Instruments
Resulting situation after the triggering transaction
Type of financial instrument	Expiration date	Exercise/ conversion period/date	No. of voting rights that may be acquired (if the instrument exercised/converted)	Percentage of voting rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial instrument	Exercise price	Expiration date	Exercise conversion period	Number of voting rights instrument refers to	% of voting rights
CFD		19/12/2012; 07/03/2013		Less than 5%	Nominal	Delta
					Less than 5%

Total (A+B)

Number of voting rights

Percentage of voting rights

Less than 5%

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

Proxy Voting:

10. Name of proxy holder:

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

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

13. Additional information:

OZ Management LP acts as the investment manager for a number of private investment funds and those funds beneficially own the shares and financial instruments that are the subject of this notification. Och-Ziff Management Europe Limited is a sub-advisor

to OZ Management LP.

14 Contact name:

Andrew Frank

15. Contact telephone name:

020 7758 4433