Granby Ups Net Risked Resources by 63%

Granby, the oil and gas exploration and production company with interests in the UK North Sea and the Philippines, announced that it has been offered 15 additional blocks and part blocks to be held under seven licenses in the North Sea as part of the 24th UKCS Licensing Round announced by the DTI. Granby has been offered the highest number of operated blocks and part blocks in the Round. This award increases Granby's acreage position in the North Sea to 33 blocks and part blocks in 17 licenses in total.

Granby has been offered three traditional licenses, two of which require 2D seismic work programs, and four promote licenses with work programs that include reprocessing and re-evaluation of pre-existing datasets. As a result of these awards, and including the relinquishment of certain 22nd round licenses and one 23rd round license, Granby's net unrisked and net risked prospective resources have increased to 566 mmboe (+78%) and 106 mmboe (+63%) respectively.

Gas Plus Italiana S.p.A. ('GasPlus') will participate as a co-venturer in all the licenses with Granby. GasPlus has contributed to the cost of data purchase and to Granby's technical work in evaluating the license round blocks. The geophysical company TGS-NOPEC is a co-venturer with Granby in one traditional and one promote license. Nautical Petroleum will also participate as a co-venturer with Granby in one of the promote licenses.

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

"We are delighted with these license awards, which are a really excellent achievement for our exploration team. We have both successfully refreshed and upgraded our exploration portfolio and substantially strengthened our prospective resources and acreage position in both the Southern and Central areas of the North Sea. We are also delighted to be able to extend our alliances with Gas Plus and TGS-NOPEC, and to work with our new co-venturers, Nautical Petroleum."

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

"Once again Granby has demonstrated its ability to identify new prospects and ideas, gaining some high quality acreage in the North Sea in a climate of stiff competition. The substantial addition to our Southern Gas Basin acreage position provides a significant area of growth for Granby. In all, these results add some attractive new prospects to the portfolio, some of which we will seek to fast track for early drilling."

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