David Grassick, Managing Director of Granby Oil and Gas, said:
'Granby has a significant portfolio of high quality prospects in the North Sea. Although this well is a disappointment, our current farm-out negotiations are proceeding well with several offers already received which should secure finance for the relevant part of our exploration drilling program.'
Exploration well 9/27a-4 was Granby's second exploration well since its flotation on AIM in June 2005, and was drilled on the Hendrix prospect, located to the west of the Viking Graben in the North Sea. The block was initially awarded to Century Exploration (UK) Limited in the recent 23rd Licensing Round. In November, Granby agreed to farm in to the block to obtain a 12.5% participating interest by paying 25% (then estimated to cost approximately £1.26 million) of the well cost.
Interests in block 9/27a are Century Exploration as operator with 87.5% and Granby Enterprises North Ltd with 12.5%.
Granby is an oil and gas business focused on exploration in carefully selected areas in the North Sea and elsewhere, and also on securing production and development, initially in the Galoc field in the Philippines.
The Group's strategy is to build a significant portfolio of assets through the discovery and exploitation of oil and gas reserves. The Group was formed from the combination of Granby Enterprises and Team Oil, two independent companies which were closely associated and since June 2004 have had common management teams and ownership.
The combined management team includes six former executives from Enterprise Oil plc, one of the largest independent companies operating in the North Sea during the 1980s and 1990s.
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