Atlantic Acquires Anglesey Stake from Granby

Granby Oil and Gas plc has completed a farm-in agreement with Atlantic Petroleum UK Limited to farm out 50% of its interest in UKCS block 14/9a (under License P.1288) and block 14/14b (under License P.1211).

The licenses are to be merged by the DTI under a revised license area covered by License P.1211. The blocks contain Granby's Anglesey prospect, which consists of a series of tilted Jurassic fault blocks. They are located in around 130m water depth, some 150 km northeast of St. Fergus, and 30km north of the Talisman-operated Claymore field.

Under the farm out arrangements, Atlantic will acquire a 50% interest in the merged license. Granby will retain a total 50% interest in the block although this is expected to reduce further as an additional farm out is currently under negotiation. Granby will remain operator of the license, where a high-resolution 2D seismic survey is currently being acquired.

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

"We very much look forward to working with our new co-venturers Atlantic on the Anglesey prospect. If the current seismic program confirms the prospect we hope this will lead to a well being drilled in 2008."

Richard Moreton, Executive Director, said:

"Anglesey is a large prospect in the Outer Moray Firth on the westward oil migration path out of the Witch Ground Graben. The target reservoirs are upper Jurassic Piper and Sgiath reservoir sands in one of the tilted fault blocks in the prospect."

Following completion of the farm-out arrangements and the assignment of interests in the license, the participating interests will be:

  • Granby, 50%
  • Atlantic Petroleum, 50%

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