GOIL Granby Oil

    30 January 2007

Granby Oil and Gas plc

("Granby" or "the Company" or "the Group")

Ensco 100 Rig to drill Tristan NW development well

Granby, the oil and gas exploration and production company with interests in the UK North Sea  and
the  Philippines, is pleased to announce that it has reached agreement, on behalf of  the  Tristan
Partners, with Peak Well Management Limited to utilise the jack up drilling rig Ensco 100 for a 60
day slot to drill and complete Granby's Tristan NW development well in the Southern North Sea.

Drilling operations are expected to begin in late 2007 and will be managed by the Norwegian  owned
AGR Group company, AGR Peak Well Management Limited.

David Grassick, Managing Director of Granby Oil and Gas, said:

"We are very pleased to have secured the ENSCO 100 to drill the Tristan NW development well.  This
is  an  important  step that supports the project schedule and enables Granby to progress  rapidly
towards production."

Enquiries:
 Granby Oil and Gas                                    020 7653 3660
    David Grassick, Managing Director                  07785 921080
                                                       
    Nigel Burton, Finance Director                     077 8523 4447
                                                       
                                                       
 College Hill                                          020 7457 2020
    Nick Elwes                                                      
    Paddy Blewer                                       

Notes to Editors

Background

Overview of the Business
Granby  Oil and Gas plc (ticker symbol GOIL) is an oil and gas business focused on exploration  in
carefully  selected  areas  in  the North Sea and elsewhere, and also  on  securing  oil  and  gas
production  and developments. The Group's strategy is to build a significant portfolio  of  assets
through both discovery and exploitation of oil and gas reserves.

The  Group  was  created by the combination of Granby Enterprises and Team  Oil,  two  independent
companies  formed  in 2002 which have had common management teams and ownership since  June  2004.
Granby raised �11.5m in 2005, of which �10m was from a placing and Admission to AIM in June  2005,
and an additional �9m in a placing in August 2006.

Granby's portfolio and plans

Granby's current acreage comprises interests in a portfolio of offshore licences in the North Sea,
containing  multiple prospects generated by the Company. Granby also has an interest in  a  single
onshore licence in Yorkshire.

Granby's  next exploration well will be drilled on the Guinea prospect in February 2007.   Another
well is expected to be drilled onshore in Yorkshire later in the year.

Granby  has a 42% participating interest in the Tristan North West gas development in block 49/29b
in  the  UK  Southern North Sea and executed a loan facility agreement with Mitsubishi Corporation
for the development.

Granby also has a 9.0% interest in the Monkwell gas field, which consists of two separate dry  gas
accumulations located in UKCS Licence P.001, Block 42/29a.  The field was discovered  in  1989  by
well 42/29-6, which produced gas at a rate of 26.8mmcfd from the Lower Leman Sandstone.  The field
was  appraised  by two further wells which also tested gas.  The operator is actively  progressing
engineering studies on the Monkwell gas field, targeting near-term gas production as a subsea tie-
back to nearby infrastructure.

In  addition,  Granby  has  a  9.14% indirect interest in the Galoc field,  offshore  Philippines,
through its 15.69% shareholding in the Galoc Production Company ('GPC') which operates the  field.
Development  of  the  Galoc  oil  field is now fully approved by  co-venturers  and  the  relevant
authorities.  First oil production from the field is expected in late 2007 at an initial  rate  of
approximately 15,000 bopd.

Peak Well Management Limited

AGR  Peak  Well  Management Limited is part of the AGR Group, the Norway-based oil technology  and
services group which acquired The Peak Group in May 2006. AGR Peak Well Management Limited is  now
established as the world's leading independent well operator.


                                                                
Granby Oil & Gas plc



                                                                

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