Granby Completes Farm-in Deal with Century Exploration

Granby Oil and Gas reports that the Farm-in Agreement covering North Sea exploration well 9/27a-4 has been completed with Century Exploration (UK) Ltd.

The drilling rig is now under contract and is being towed to the well location. The rig is expected to start drilling operations on or around December 23, 2005 targeting a Tertiary reservoir (the Hendrix prospect). The Hendrix prospect has significant oil potential and will be drilled to a total depth of approximately 1,850 meters. The well is being drilled by the Bredford Dolphin and is operated by Century Exploration (UK) Ltd. Drilling operations are expected to take around 3 weeks.

David Grassick, Managing Director of Granby Oil and Gas, said:
"We are pleased to have brought forward Granby's second North Sea exploration well in advance of the multi-well program planned for next year on our exploration portfolio."

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

"Hendrix is an exciting prospect in which we are pleased to be participating. The prospect is located within an area that we have been interested in for some time. Granby's participation in this well is consistent with our exploration strategy for the Central North Sea and enables the company to advance its drilling program for this area."

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