Granby Issues Prelim Annual Results
Granby Oil and Gas plc on Monday announced its preliminary results for the year to March 31, 2007.
During the year, Granby has:
--booked its first reserves of 1.83 million barrels of oil equivalent, following receipt of development approval for the Galoc oil field in the Philippines --added contingent resources of 2.7 million barrels of oil equivalent --significantly improved its North Sea portfolio by adding 15 new North Sea blocks in the 24th Licensing Round --increased UKCS unrisked prospective resources by 37 million barrels (9%) to 460 million barrels of oil equivalent at 31 March 2007 --participated in two North Sea wells. Both were unsuccessful; the total cost to Granby was only £0.1 million --farmed in (jointly with Gas Plus) to the Burton Agnes-1 Prospect in Onshore License PEDL071, operated by Egdon Resources --earned a 54% interest in the Tristan North West gas development in block 49/29b in the UK Southern North Sea --acquired a 9% interest in the Monkwell gas discovery in block 42/29a in the UK Southern North Sea --raised £9.0 million (before expenses of £0.4 million) in an institutional placing
Since 31 March 2007, Granby has:
--achieved initial drawdown of the £29.7 million loan facility for the Tristan North West development --achieved initial drawdown of the $65.1 million loan facility for the Galoc development --commenced acquisition of three seismic surveys in Granby's first operated North Sea seismic program --farmed out a 50% interest in UKCS blocks 14/9a and 14/14b
--Loss after tax £1.8 million (2006: loss £2.9 million) --Net cash at 31 March 2007 £7.3 million (2006: £7.3 million)
--Galoc and Tristan North West developments due on stream early 2008 --Plans being prepared for a new well on the Monkwell field - which could potentially become the Company's third development --Burton Agnes-1 exploration well to be drilled this Summer --A further six exploration wells aimed to be drilled in the next two years --Development operator status applied for - expected to create further opportunities for Granby
Granby now has interests in 32 blocks and part blocks held in 18 licenses in the North Sea, one onshore block in the UK, a 54% interest in the Tristan North West gas development, a 9% interest in the Monkwell gas discovery, and a 9.14% indirect interest in Service Contract 14C offshore Philippines, which contains the Galoc oil field.
In addition to the Burton Agnes-1 well expected to be drilled during summer 2007, Granby intends to continue its active exploration program with the aim of drilling a further six exploration prospects identified on its current acreage.
David Grassick, Managing Director of Granby Oil and Gas, said:
"This year has seen Granby develop from an exploration promote company to exploration operator, with an application to become a production operator. Granby has two developments underway, both scheduled to be on stream before the end of the year to 31 March 2008. We have developed some strong business relationships which enhance the potential and capabilities of the Company.
"Granby is now poised to move forwards with the aim of an extensive exploration program over the next two
years and with an increased emphasis on development and production."
- Granby: Tristan NW Gas Development Successfully Drilled and Tested (Feb 28)
- Granby and Petro-Canada Agree to Cross Assignment in UKCS Quad 13 (Feb 06)
- Granby Completes Drilling in N. Sea, First Gas Delayed (Jan 28)