Granby clinches slot for North Sea well

Offshore staff

LONDON, UK --Granby Oil and Gas has contracted AGR Petroleum to drill an exploratory well in the central North Sea, using the semi-submersible Transocean Prospect.

Drilling should start around April 2008. Granby has yet to decide which of its prospects to drill – this will likely be determined following interpretation of four seismic surveys acquired earlier this year. The rig could also be deployed to farm in to an appraisal or development opportunity.

The company has just farmed in to the UK license P.201 block 211/22a NW, where an appraisal well is under way targeting a fault block adjacent to the 1976 Kerloch oil discovery. Granby will take 10% of the license through funding 15% of the costs of drilling and testing the well up to a maximum gross expenditure of $28.86 million.

11/22/2007