Granby Farms-out Block 42/28c Watling Prospect in the North Sea

Granby has signed a Heads of Agreement to farm out UKCS Block 42/28c to Centrica Resources Limited and Gas Plus Italiana S.p.A. Block 42/28c contains Granby's Watling prospect, which lies close to the developed gas fields of Wollaston, Whittle, Cleeton, and Ravenspurn North.

Block 42/28c was awarded as a promote license to Granby and TGS-NOPEC Geophysical Company UK Ltd in the 23rd License Round in September 2005. The Watling prospect was identified in a study undertaken by Granby of open acreage in the southern gas basin of the North Sea. The block is located some 35 km east of Flamborough Head in a water depth of approximately 55m.

Under the farm out arrangements, Centrica and Gas Plus will together fund the full cost of drilling and testing an exploration well on the Watling prospect to earn a 50% and 16.67% interest respectively in the 42/28c block. The exploration well will be operated by Centrica, which is currently sourcing a rig for a multi-well program including Watling, and will be drilled to a depth of approximately three thousand one hundred meters (3,100m) true vertical depth subsea to target the Rotliegendes sandstone gas prospect. Granby will retain a 22.2% interest in the block and its share of costs will be carried by Centrica and Gas Plus. TGS NOPEC has also farmed out its interest on a similar basis and will retain an 11.1% interest.

The Heads of Agreement are subject to execution of a fully termed farm-in agreement, to be completed shortly. Assignment of the license interests to Centrica and Gas Plus is subject to the approval of the Secretary of State for Trade & Industry.

David Grassick, Managing Director of Granby Oil and Gas, said:
'We are extremely pleased to have successfully farmed out our first 23rd Round block so quickly and very much look forward to working with Centrica, who will operate the exploration well, and Gas Plus Italiana, who are joining us in their first venture in the North Sea.'

Participating Interests

Following completion of the farmout arrangements and the assignment of interests in the license, the participating interests will be:

Granby Enterprises Ltd with 22.2222%; TGS-NOPEC Geophysical Company UK Ltd with 11.1111%; Centrica Resources Limited with 50.0000% and Gas Plus Italiana S.p.A. with 16.6667%.

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