Granby: Ensco 100 Secured for Tristan NW

Granby, the oil and gas exploration and production company with interests in the UK North Sea and the Philippines, said that it has reached agreement, on behalf of the Tristan Partners, with Peak Well Management Limited to utilize the jack up drilling rig Ensco 100 for a 60-day slot to drill and complete Granby's Tristan NW development well in the Southern North Sea.

Drilling operations are expected to begin in late 2007 and will be managed by the Norwegian owned AGR Group company, AGR Peak Well Management Limited.

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

"We are very pleased to have secured the Ensco 100 to drill the Tristan NW development well. This is an important step that supports the project schedule and enables Granby to progress rapidly towards production."

Granby's current acreage comprises interests in a portfolio of offshore licenses in the North Sea, containing multiple prospects generated by the Company. Granby also has an interest in a single onshore license in Yorkshire.

Granby's next exploration well will be drilled on the Guinea prospect in February 2007. Another well is expected to be drilled onshore in Yorkshire later in the year.

Granby has a 42% participating 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.

Granby also has a 9.0% interest in the Monkwell gas field, which consists of two separate dry gas accumulations located in UKCS License P.001, Block 42/29a. The field was discovered in 1989 by well 42/29-6, which produced gas at a rate of 26.8mmcfd from the Lower Leman Sandstone. The field was appraised by two further wells that also tested gas. The operator is actively progressing engineering studies on the Monkwell gas field, targeting near-term gas production as a subsea tie-back to nearby infrastructure.

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.

AGR Peak Well Management Limited is part of the AGR Group, the Norway-based oil technology and services group which acquired The Peak Group in May 2006. AGR Peak Well Management Limited is now established as the world's leading independent well operator.

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