GOIL Granby Oil

    21 May 2007
Granby Oil and Gas plc

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

Granby commences seismic operations over four UK North Sea blocks

Granby, the oil and gas exploration and production company with interests in the UK North Sea  and
the Philippines, is pleased to announce the commencement of seismic operations over four of its UK
blocks.

The Company has contracted the seismic vessel 'M/V Fugro Meridian' to acquire two high density  2D
surveys  over blocks 9/22, 14/14b and 14/9a.  A third conventional 2D survey will also be acquired
over  block  16/11a.  Approximately 3,200 line kilometres of 2D seismic data will be  acquired  in
total.  The operation is expected to take approximately six to eight weeks.

Granby  has  a 50% working interest in block 9/22, the other co-venturer being Century Exploration
(UK)  Limited  (also 50%).  Granby's current interest in blocks 14/14b & 14/9a is  100%,  although
this  is  expected  to  reduce to 50% following ongoing licence assignments.   Granby  has  a  50%
interest  in block 16/11a, the other co-venturers being subsidiary companies of Gas Plus  Italiana
S.p.A (50%).

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

"We  are  very  pleased to start these surveys which we anticipate will firm up well locations  on
several prospects in readiness for potential drilling later in 2007 or 2008."

Richard Moreton, Executive Director of Granby Oil and Gas, said:

"Granby  has identified significant potential on the blocks and the surveys have been designed  to
de-risk the prospects as much as possible prior to selecting well locations.

The  high density 2D surveys are the first modern datasets to be acquired on these blocks  and  as
such should provide extremely important information to Granby and its co-venturers."

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 (LSE 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 is expected to be drilled onshore in Yorkshire later in the year.

Granby  has a 54% 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 by early 2008.

Granby  also  has a 9.0% interest in the Monkwell gas field 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.


                                                                
Granby Oil & Gas plc



                                                                

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