Offer Update

RNS Number:8493Q
Silverstone Energy Limited
26 March 2008



GRANBY OIL AND GAS PLC ("Granby")

Further to the announcement made on 18 March 2008 in respect of its recommended
Offer for Granby, Silverstone Energy Limited ("Silverstone") announces that it
has today received an additional irrevocable undertaking from FirstRand
(Ireland) plc to accept the Offer in respect of a holding of 2,794,000 Granby
Shares, representing 7.7 per cent. of the existing issued share capital of
Granby.  This undertaking will continue to be binding even if a competing offer
is made for Granby unless such competing offer represents an improvement of not
less than 10 per cent. on the value of the Offer from Silverstone.

Silverstone has now received irrevocable undertakings to accept (or procure the
acceptance of) the Offer in respect of a total of 18,141,540 Granby Shares
representing, in aggregate, approximately 49.8 per cent. of the existing issued
share capital of Granby, comprised as follows:


(a)  from each of the Granby Directors and/or certain of their connected 
     persons in respect of Granby Shares held by them and, in certain cases, 
     by their connected persons, and certain other Granby Shareholders in
     respect of their entire beneficial holdings which amount, in aggregate, to
     12,331,350 Granby Shares, representing approximately 33.9 per cent. of the
     existing issued share capital of Granby. These undertakings will continue 
     to be binding even if a competing offer is made for Granby which exceeds 
     the value of the Offer and even if such higher offer is recommended for 
     acceptance by the Board of Granby; and

(b)  from certain other Granby Shareholders in respect of, in aggregate,
     5,810,190 Granby Shares, representing approximately 16.0 per cent. of the
     existing issued share capital of Granby. These undertakings will continue 
     to be binding even if a competing offer is made for Granby unless such 
     competing offer represents an improvement of not less than 10 per cent. 
     on the value of the Offer.


All of the irrevocable undertakings referred to above will lapse if the Offer
lapses or is withdrawn.




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