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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Granby Oil | LSE:GOIL | London | Ordinary Share | GB00B085N744 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 62.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
21 December 2007 Granby Oil and Gas plc ("Granby" or "the Company" or "the Group") Burton Agnes-1 Onshore Exploration Well Results Granby Oil & Gas provides an update on results from the Burton Agnes-1 Exploration well in the Egdon operated licence PEDL071 located in East Yorkshire where the Company holds a fully carried 10% interest. The Burton Agnes-1 well reached a TD of 2290 metres measured depth, 1982 m sub sea vertical depth on 17 December 2007. Gas shows were observed in the Leman Sandstone and carbonates and a fracture within the Zechstein sequence. Petrophysical analysis of the wireline log data has indicated that the primary reservoir target, the Leman Sandstone, was water wet. The Leman Sandstone was penetrated deep to prognosis due to a thicker than predicted Zechstein section in the well which was drilled on the north eastern margin of the prospect. The gas zones within the Zechstein were not considered to warrant testing. As such the well is currently being suspended whilst the results of the well are incorporated into the structural and geological model for the Fraisthorpe Prospect to determine if a structurally elevated target can be reached from the current well site. Granby's costs for the well have been fully carried. David Grassick, Managing Director of Granby Oil and Gas, said: "The results from the Burton Agnes well are disappointing, however they did confirm the presence of a good quality sandstone reservoir and a viable petroleum system, which provide encouragement for the potential of the area." Richard Moreton, Executive Director of Granby Oil and Gas, said: "The gas shows both within and above the Leman sandstone might provide targets for a sidetrack from this well to a more elevated part of the structure once the post-well evaluation is complete." Enquiries: Granby Oil and Gas plc 020 7648 4950 or 0845 2577537 David Grassick, Managing Director 07785 921080 Nigel Burton, Finance Director 077 8523 4447 www.granbyoil.com KBC Peel Hunt 020 7418 8900 (Nominated Adviser and Broker) Jonathan Marren / Matt Goode College Hill 020 7457 2020 Nick Elwes / Paddy Blewer Notes to Editors Overview of the Business Granby Oil and Gas plc (LSE symbol GOIL) is building a significant oil and gas exploration, development and production portfolio in carefully selected areas of the North Sea and elsewhere through technical and commercial innovation. Granby's Portfolio and Plans In additional to the Kerloch discovery, Granby's current activity includes a 54% interest in the Granby operated Tristan North West gas development in block 49/29b in the UK Southern North Sea, which commenced drilling on 27 November 2007. In 2008 Granby expects to drill at least three further wells, including a fully funded exploration well on 9/22 and the appraisal of Monkwell. Granby has a 20% interest in the Monkwell gas field in UKCS Licence P.001, Block 42/29a. The field was discovered in 1989 by well 42/29-6, which produced gas at a rate of 26.8mmscfd from the Lower Leman Sandstone. The field was appraised by two further wells which also tested gas. A new well is planned for 2008 to further appraise the field and to enable a development decision to be made. Granby's current exploration acreage comprises interests in a portfolio of offshore licences in the North Sea, containing multiple prospects generated by the Company. Granby also has a 50% working interest in two blocks, one of which contains discovered oil and gas, located in the gas prolific Northern Rotliegendes sub-basin onshore Poland. Granby Oil & Gas plc
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