Tristan NW ? Operational Update and Booking of Reserves
19 Oktober 2007 - 9:00AM
UK Regulatory
19 October 2007
Granby Oil and Gas plc
("Granby" or "the Company" or "the Group")
Tristan NW - Operational Update and Booking of Reserves
Granby Oil and Gas plc, the oil and gas exploration and production company with interests in the
UK North Sea and the Philippines, is pleased to announce an operational update and the booking of
reserves.
Highlights:
� First phase of development operations of the Tristan NW Field now completed
� Increase in booked reserves to 4.4 million boe from 1.9 million boe
� Construction and tie-in agreement for transportation and processing of gas to the Davy
platform also completed
� First gas production from Tristan NW field expected Q1 2008
Granby is pleased to announce that Granby has completed the first phase of development operations
of the Tristan NW field, in UKCS Licence P.105 Block 49/29b, and executed the construction and tie-
in agreement for transportation and processing of gas with the Davy platform owners. As a
consequence, the Company has now booked reserves for the Tristan NW field.
The Tristan NW development will consist of a single subsea well with a 15km flowline and control
umbilical to deliver gas to the Davy Platform, which is operated by Perenco UK Limited. From
there, the gas will flow through existing pipelines to the Bacton terminal via the Inde 23a
platform.
As a consequence of executing the first of a series of agreements relating to the transportation
and processing of the gas, Granby is now able to book P50 reserves of 14.7 billion cubic feet (2.5
million barrels of oil equivalent) for its 54% participating interest in the field, bringing
Granby's P50 reserves up to a total 4.4 million barrels of oil equivalent including those for the
Galoc oil field. The quoted reserves for Tristan NW have been independently evaluated by TRACS
International.
The first phase of the development operations is now complete with the flowline and control
umbilical laid between the Davy platform and the Tristan NW well location. The flowline has been
successfully hydro-tested and trenched.
The single subsea development well is currently expected to begin drilling operations from the
Ensco 80 rig during November 2007, with first gas production expected in the first quarter of
Calendar 2008.
Gas Reserves Gross Net attributable to Granby Operator
Billion cubic
feet (bcf)
Proven Proven and Proven, Proven Proven and Proven,
Probable Probable Probable Probable
and and
Possible Possible
Tristan North 21.9 27.3 33.4 11.8 14.7 18.1 Granby
West Field*
*Source: TRACS International
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 23 years experience as a geophysicist within the
oil industry.
David Grassick, Managing Director of Granby Oil and Gas, said:
"We are very pleased to have made such good progress with development operations and to have
executed the construction and tie in agreement. The addition of Tristan NW gas more than doubles
Granby's current booked reserves to 4.2 million barrels of oil equivalent, and we are looking
forward to our first production early in 2008."
Sue Heavens, Business Development Director of Granby Oil and Gas, said:
"We are delighted to have concluded the first of the transportation agreements, enabling us to
bring Tristan NW gas across the Davy platform on a fast-track schedule."
Enquiries:
Granby Oil and Gas plc 020 7648 4950 or
0845 2577537
David Grassick, Managing Director 07785 921080
Nigel Burton, Finance Director 077 8523 4447
www.granbyoil.com
KBC Peel Hunt (Nominated Adviser) 020 7418 8900
Jonathan Marren / Matt Goode
College Hill 020 7457 2020
Nick Elwes / Paddy Blewer
Notes to Editors
Overview of the Business
Granby Oil and Gas plc (LSE symbol GOIL) is building a significant oil and gas exploration,
development and production portfolio in carefully selected areas of the North Sea and elsewhere
through technical and commercial innovation.
Granby's Portfolio and Plans
Granby owns a 54% participating interest in, and is production operator of, the Tristan North West
gas development in block 49/29b in the UK Southern North Sea. Mitsubishi Corporation, which has
provided a loan facility agreement for the development, and Mosaic Natural Resources are co-
venturers in the project. First gas is expected in 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.
Consideration is being given to drilling a new well in 2008 to further appraise the field.
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.
The first phase of development is now well underway, with all regulatory approvals obtained and
the major contracts awarded. First oil production from the field is expected in Q1 2008.
Granby's net share of the Galoc reserves is 1.83 million barrels of oil equivalent.
Granby's current exploration 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 where an exploration well is expected to be
drilled before the end of Calendar 2007.
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