Granby Begins Drilling at Watling Prospect

Granby reports that drilling operations have commenced on the Watling prospect on block 42/28c in the North Sea. The well is targeting a Rotliegendes reservoir with significant gas potential and will be drilled to a total depth of approximately 3,100 meters. The well is being drilled by the ENCSO 92 jackup, operated by Centrica Resources Limited. Drilling operations are expected to take around 30 days.

Centrica and Gas Plus will together fund the cost of the well to earn a 50% and 16.67% interest respectively in the 42/28c block. Granby has the remaining 33.33% interest in the block and its share of costs will be fully carried by Centrica and Gas Plus.

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

'This is Granby's first exploration well in the Southern North Sea where we now have an expanding portfolio of drillable prospects, as well as our interest in the Tristan NW development.'

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

'Watling is our first 23rd round prospect to be drilled, and we are now actively engaged on farming out several other prospects from our portfolio to expand our exploration drilling program.'

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