Cross assignment with Petro-Canada led group in UKCS Quad 13
06 Februar 2008 - 8:54AM
UK Regulatory
6 February 2008
Granby Oil and Gas plc
("Granby" or "the Company" or "the Group")
Cross assignment with Petro-Canada led group in UKCS Quad 13
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 that Granby and its co-venturers in UKCS
Licence P.1404 Block 13/25 have completed an assignment with Petro-Canada UK Limited and Reach
Exploration (UK) Limited, licensees of the adjacent Licence P.1459 Block 13/24d, to cross assign
interests in the two licences.
Granby previously held a 25% interest in Licence P.1404 Block 13/25. After the cross assignment
Granby has a 12.5% interest in Licence P.1404 and a 12.5% interest in Licence P.1459 Block 13/24d.
Both Licences will be operated by Petro-Canada.
As previously announced on 6 August 2007, a proprietary 970 line kilometre high resolution 2D
seismic survey operated by Petro-Canada was acquired over parts of both blocks 13/24d and 13/25
where potential prospects underlying both blocks have been identified.
Following the Licence cross assignment, participating interests in the Licences P.1404 (Block
13/25) and P.1459 (Block 13/24d) are:
Petro-Canada UK Ltd - Operator 45.00%
Faroe Petroleum (U.K.) Ltd 25.00%
Granby Enterprises Ltd 12.50%
Elixir Petroleum UK Ltd 12.50%
Reach Exploration (UK) Limited 5.00%
Application has been made to the Secretary of State for Business, Enterprise and Regulatory Reform
('BERR') to merge these two licences into a single traditional licence.
David Grassick, Managing Director of Granby Oil and Gas, said:
"We are very pleased to have concluded this agreement with the Petro-Canada led group which will
facilitate future exploration of the shared prospects on these blocks. The cross-assignment helps
consolidate our position in this highly prospective hydrocarbon region where we now have five
contiguous blocks and part blocks."
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 020 7418 8900
(Nominated Adviser and Broker)
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 operated Tristan NW gas development due on stream April 2008
* Strong cash position, with over �11 million expected at end March 2008
* Three UKCS wells drilling in 2008, including Monkwell appraisal well
* Exploration portfolio with net unrisked P50 potential of 321 million barrels
Granby's Portfolio and Plans
In additional to the recent Kerloch discovery, Granby's current activity includes a 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 and is expected to begin production by April
2008.
In 2008 Granby expects to drill at least three further wells, including a fully funded exploration
well on 9/22 and the appraisal of Monkwell.
Granby has a 20% 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 26.8mmscfd from the
Lower Leman Sandstone. The field was appraised by two further wells which also tested gas. A new
well is planned for 2008 to further appraise the field and to enable a development decision to be
made.
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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