Granby Success in UKCS 24th Round Licence Awards, a 63% increase in net risked resources
01 Februar 2007 - 2:13PM
UK Regulatory
1 February 2007
Granby Oil and Gas plc
("Granby" or "the Company" or "the Group")
Granby Success in UKCS 24th Round Licence Awards, a 63% increase in net risked resources
Highlights:
* Granby offered 15 additional blocks and part blocks to be held under 7 licences in the
North Sea
* Of the 7 licences, Granby has been offered 3 traditional licences and 4 promote licences
* The awards increases Granby's total acreage position in the North Sea to 33 blocks and
part blocks in total
* Granby's net unrisked and net risked prospective resources have increased by 78% to 566
million barrels of oil equivalent ('mmboe') and by 63% to 106 mmboe respectively
Granby, the oil and gas exploration and production company with interests in the UK North Sea and
the Philippines, is delighted to announce that it has been offered 15 additional blocks and part
blocks to be held under 7 licences in the North Sea as part of the 24th UKCS Licensing Round
announced by the DTI. Granby has been offered the highest number of operated blocks and part
blocks in the Round. This award increases Granby's acreage position in the North Sea to 33 blocks
and part blocks in 17 licences in total.
Granby has been offered 3 traditional licences, 2 of which require 2D seismic work programmes, and
4 promote licences with work programmes which include reprocessing and re-evaluation of pre-
existing datasets. As a result of these awards, and including the relinquishment of certain 22nd
round licences and one 23rd round licence, Granby's net unrisked and net risked prospective
resources have increased to 566 mmboe (+78%) and 106 mmboe (+63%) respectively.
Gas Plus Italiana S.p.A. ("GasPlus") will participate as a co-venturer in all the licences with
Granby. GasPlus has contributed to the cost of data purchase and to Granby's technical work in
evaluating the licence round blocks. The geophysical company TGS-NOPEC is a co-venturer with
Granby in one traditional and one promote licence. Nautical Petroleum will also participate as a
co-venturer with Granby in one of the promote licences.
The offered blocks and initial interests are as follows:
Block Number Estimated Licence Granby Co-Venturers**
Area* Interest
**
km2 Acres
2/3a & 2/4b 302 74,675 33.3% 16.665% Gas Plus E&P UK Ltd
16.665% Gas Plus O&G UK Ltd
33.33% Nautical Petroleum
13/30c, 14/26c 256 63,135 50% 25% Gas Plus E&P UK Ltd
& 14/27b # 25% Gas Plus O&G UK Ltd
16/3f 69 17,149 50% 25% Gas Plus E&P UK Ltd
25% Gas Plus O&G UK Ltd
16/11a # 86 21,325 50% 25% Gas Plus E&P UK Ltd
25% Gas Plus O&G UK Ltd
34/30, 35/26, 947 234,132 42.5% 21.25% Gas Plus E&P UK Ltd
40/5 & 41/1 21.25% Gas Plus O&G UK Ltd
15% TGS NOPEC
47/13, 47/18, & 394 97,409 40% 20% Gas Plus E&P UK Ltd
47/23 # 20% Gas Plus O&G UK Ltd
20% TGS NOPEC
48/13c 120 29,850 50% 25% Gas Plus E&P UK Ltd
25% Gas Plus O&G UK Ltd
# Traditional Licence
*Areas have been calculated based on the applications made and may differ from actual licences
awarded
** Interests are shown as per applications, awaiting confirmation by DTI
Total Prospective Resources - North Sea
Classification Unrisked Net Volume Risked Net Volume
Millions of barrels of oil Low Best High Low Best High
equivalent (mmboe) Estimate Estimate Estimate Estimate Estimate Estimate
(P90) (P50) (P10) (P90) (P50) (P10)
Prospective Resources at 193 314 466 38 61 89
30 September 2006
Prospective Resources 146 248 414 24 41 68
added by 24th Round Awards
Adjustments and 13 4 -7 4 4 5
Relinquishments
Total Prospective 352 566 873 67 106 162
Resources
Columns may appear not to add due to rounding
Resources have been calculated by Granby in accordance with the guidance in AIM notice 16 (AIM
Rules - Guidance for Mining and Oil & Gas Companies) issued in March 2006. This resource update is
prepared in accordance with the definitions used by The Society of Petroleum Engineers (SPE). The
Directors can confirm that these figures have been reviewed by Richard Moreton, Executive
Director, who has over 22 years experience as a geophysicist within the oil industry.
David Grassick, Managing Director of Granby Oil and Gas, said:
"We are delighted with these licence awards, which are a really excellent achievement for our
exploration team. We have both successfully refreshed and upgraded our exploration portfolio and
substantially strengthened our prospective resources and acreage position in both the Southern and
Central areas of the North Sea. We are also delighted to be able to extend our alliances with Gas
Plus and TGS-NOPEC, and to work with our new co-venturers, Nautical Petroleum."
Richard Moreton, Executive Director of Granby Oil and Gas, said:
"Once again Granby has demonstrated its ability to identify new prospects and ideas, gaining some
high quality acreage in the North Sea in a climate of stiff competition. The substantial addition
to our Southern Gas Basin acreage position provides a significant area of growth for Granby. In
all, these results add some attractive new prospects to the portfolio, some of which we will seek
to fast track for early drilling. "
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 has executed a loan facility agreement with Mitsubishi
Corporation for the development. A rig has been contracted and a tree, controls & flowline
purchased. First gas is expected at the end of 2007.
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 Q1 2008 at an initial rate of
approximately 15,000 bopd.
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