Monkwell Gas Field - increased interest and appraisal well planned for 2008
04 Dezember 2007 - 10:57AM
UK Regulatory
4 December 2007
Granby Oil and Gas plc
("Granby" or "the Company" or "the Group")
Monkwell Gas Field - increased interest and appraisal well planned for 2008
Granby Oil and Gas plc, the oil and gas exploration and production company with interests in the
UK North Sea and onshore Europe, is pleased to announce an increase in its interest in the
Monkwell gas field in the Southern North Sea, by 11% to a total of 20%, together with completion
of a farm in partner group aiming to drill an appraisal well in 2008.
Highlights:
� Increase in interest in Monkwell gas field to 20%
� Increase in P50 contingent resources, net to Granby, of 3.8 billion cubic feet of gas
(0.7 million barrels of oil equivalent) to 7.0 billion cubic feet of gas
� Appraisal well expected to be drilled in 2008
Granby is pleased to announce that a Farm-in Agreement has been executed with Dana Petroleum (E&P)
Ltd ('Dana'), a wholly owned subsidiary of Dana Petroleum plc, by which Granby has secured an
increased interest in the Monkwell gas field which is located in UKCS Licence P.001, Block 42/29a
(Monkwell Sub Area) in the Southern North Sea. Granby already has an agreement with Dana to
acquire a 9.0% interest in Monkwell and is increasing its interest by 11% to a total of 20%. Dana
will remain as operator with a 50.00% interest.
Gas Plus E&P Limited and Dyas UK Limited are farming in on a similar basis, each acquiring a
15.00% participating interest. This will result in the following interests in the Licence and
Block after completion of Farm-in Interest assignments:
Dana Petroleum (E&P) Limited: 50.00% (operator)
Granby Enterprises Limited: 20.00%
Gas Plus E&P UK Limited: 15.00%
Dyas UK Limited: 15.00%
The field was discovered in 1989 by well 42/29-6, which produced gas at a rate of 26.8mmcfd
(million cubic feet per day) from the Lower Leman Sandstone. The field was appraised by two
further wells which also tested gas. It is intended that a new well will be drilled in 2008 to
further appraise the field.
Under the agreed terms, Granby will fund its current participating interest and the additional
share of costs for the increased interest which will attract a mainly success based promote of the
dry hole drilling costs.
The assignment of interests is subject to approval of the Secretary of State for the Department of
Business, Enterprise and Regulatory Reform (DBERR) to the assignment of Licence interests to
Granby.
David Grassick, Managing Director of Granby Oil and Gas, said:
'We are very pleased to have increased our share in the Monkwell field and to have helped move it
towards appraisal and subsequent development. An appraisal well is expected to be drilled in 2008
which may lead to a development in the near term.
Granby has an active drilling programme spanning exploration, appraisal and development with three
wells currently drilling, and is preparing for at least three more wells in 2008. Following the
sale of Granby's interest in the Galoc field, Granby is well positioned to pursue its strategy to
acquire other appraisal and development opportunities in the North Sea, onshore Europe and in
other areas of interest."
Bob Moore, Commercial Director of Granby Oil and Gas, said:
"By introducing other companies to the partnership, we have enabled a well to be fully funded to
appraise this field where we see significant potential for reserves upside."
Gas Gross Net attributable to Granby Operator
Contingent
Resources
Billion cubic
feet (bcf)
Proven Proven and Proven, Proven Proven and Proven,
Probable Probable Probable Probable
and and
Possible Possible
Monkwell 26.1 35.0 44.7 5.2 7.0 8.9 Dana
Petroleum
Source: TRACS International
The resource and reserves information in this announcement has been prepared 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 23 years experience as a
geophysicist within the oil industry.
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's current activity includes:
* 54% interest in the Granby operated Tristan North West gas development in block 49/29b in
the UK Southern North Sea, which commenced drilling on 27 November 2007. First gas is expected in
early 2008.
* 10% interest in the Egdon operated Burton Agnes-1 exploration well onshore in Yorkshire
which commenced drilling on 15 November 2007
* 10% interest in the Dana operated well appraising the Kerloch oil discovery on block
211/22a NW, which commenced drilling on 21 November 2007.
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 a 50%
working interest in two blocks, one of which contains discovered oil and gas, located in the gas
prolific Northern Rotliegendes sub-basin onshore Poland.
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