Rig Contracted for Galoc Development

Granby, the oil and gas exploration and production company with interests in the UK North Sea and the Philippines, said that two separate contracts have been awarded for a drilling rig and subsea trees by the operator of the Galoc oil field development, Galoc Production Co. (GPC). Granby, through its wholly owned subsidiary Team Oil, has a 9.14% indirect interest in the development via its 15.69% shareholding in GPC.

The Galoc Field lies in the northwest Palawan basin offshore Philippines in a water depth of 320m. The field was discovered in 1981 and produced 385,000 bopd on long-term test in 1988. Team Oil demonstrated the commercial potential of the field and farmed into Block C of Service Contract Area 14 (SC14) in September 2004. Team Oil subsequently arranged the financing plan for the project then exchanged its interest for a shareholding in GPC.

The Energy Searcher, a drill ship managed by Jet Drilling, will be used to drill two horizontal subsea wells which will be connected via a flowline and riser system to a floating production, storage and offloading vessel (FPSO). Drilling is expected to begin in July 2007. First oil production from the field is expected in late 2007 at an initial rate of approximately 15,000 bopd.

"These contracts are the first major contracts to be awarded since approval of the Plan of Development by the Philippine Department of Energy in March 2006," said David Grassick, Granby's managing director. "These contracts are an important step as they help secure the development schedule at a time when oilfield services and equipment are in great demand."

"Granby is delighted that this project, in which we have played a major technical and financing role, is moving forward with the approval of these major contracts," concluded Bob Moore, the company's commercial director.

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