Granby Reports Watling Duster

Granby Oil & Gas plc said that drilling of North Sea exploration well 42/28c-9 on the Watling prospect has been completed without finding commercially producible hydrocarbons.

The well began drilling on Dec. 18, 2006, with the Ensco 92 rig operated by Centrica Resources Limited, a subsidiary of Centrica plc, targeting the Watling prospect in a Rotliegendes reservoir. The well was drilled to a total depth of 8,922 feet (2,719 meters), and the reservoir was encountered high to prognosis with gas shows, but with no commercially producible hydrocarbons.

The well, which was drilled at no cost to Granby, is to be plugged and abandoned.

David Grassick, Managing Director of Granby Oil and Gas, said:

"Whilst the Watling well was a disappointing result, Granby has many excellent prospects which we are preparing to drill over the next couple of years, including the Guinea prospect which is expected to begin drilling in February 2007. We are continuing to prepare a multi-well exploration program for 2007 and 2008 based on our 22nd and 23rd Round licenses, and are making excellent progress with our Galoc and Tristan North West developments."

Richard Moreton, Executive Director of Granby Oil and Gas, said:

"The final results were disappointing given the early encouragement in the well, particularly having found the reservoir at a favorable depth and observing gas shows throughout."

The Watling exploration well 42/28c-9 was Granby's third exploration well since its flotation on AIM in June 2005, and the Company's first in the Southern North Sea. The block was initially awarded to a Granby-led group in the 23rd Licensing Round. Centrica and Gas Plus subsequently agreed to farm in to the block, leaving Granby fully carried for the cost of this exploration well. Granby subsequently acquired an additional interest from the original co-venturer to increase its carried interest to 33.33% (29.33% net).

Granby Oil and Gas plc is an oil and gas business focused on exploration in carefully selected areas in the North Sea and elsewhere, and also on securing oil and gas production and developments. Granby is planning a multi-well exploration program in the North Sea for 2007 and 2008, with a fully funded well on the Guinea prospect in block 15/13b currently expected to begin drilling in February and another testing the Burton Agnes-1 prospect on the onshore license PEDL071 later in the year.

Granby's current acreage comprises interests in a significant portfolio of blocks and part blocks in the Central and Southern North Sea and the Forth Approaches, containing multiple prospects generated by the Company. Granby also has an interest in a single onshore license in Yorkshire.

In addition, Granby has a 9.14% indirect interest in the Galoc field, offshore Philippines, through its 15.69% shareholding in the Galoc Production Company ('GPC') which operates the field. Development of the Galoc oil field is now fully approved by co-venturers and the relevant authorities. First oil production from the field is expected in late 2007 at an initial rate of approximately 15,000 bopd.

Granby has also earned a 42% interest in the Tristan North West gas development in block 49/29b in the UK Southern North Sea and executed a loan facility agreement with Mitsubishi Corporation for the development. First production is currently anticipated to be in late 2007 or early 2008, subject to availability of a suitable rig and other items with long lead times.

Granby announced on 5 January 2007 that it has secured a 9.0% interest in the Monkwell gas field in UK Block 42/29a in the Southern North Sea.

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