http://www.granbyoil.com/





* Granby, established in 2002, is one of the leading new generation UK North Sea exploration businesses
* Granby has developed a highly attractive UK North Sea exploration portfolio with net prospective resources of 281 mmbbl (risked net prospects of 59 mmbbl)
* The first exploration well on the Marquis prospect in block 21/6b is due to be drilled in late June to early July 2005
* In addition, the company is in the process of finalising negotiations for access to a potential offshore oil field development in the Philippines
* The combined management team includes five former executives with a broad range of skills each with over 20 years experience in the oil industry, principally with Enterprise Oil plc
* Granby has a track record of identifying exploration prospects and creating development solutions as well as having the commercial skills required to farm out and conclude innovative commercial deals
* Granby has recently submitted licence applications in the 23rd Round

RNS's from GOIL can be viewed at:

http://www.uk-wire.com/cgi-bin/index?search_type=3&words=goil&go.x=15&go.y=9

Way Hey some news. Lets hope the well is not dry cant see it myself since the other wells around that area are oil producers.

Hi Oracles, good to have you on board.
Theres not many caught onto GOIL yet.. Its had a good run since flotation and if the well turns out to be a good un (which I think it will) the sp will rocket and GOIL will get noticed. I can easily see a sp of 300p by the end of the year or sooner if the offshore oil field development in the Philippines
comes off.
ELP is also one to keep ypur eye on as they are partners.
I cant wait till Monday.
wilbs

Looks like the "Times" has got it wrong. But I suspect we will get news mid week.

I would say the times have got it wrong. Thats not like newspapers!!!!
Surely there would be some early buying if news was expected, especially if it was good and the price of oil at the moment.
wilbs

Hi oracles, you beat me to it.
I agree, it doesn.t matter if news is a month away, im tucking this one away.
wilbs

I have emailed GOIL and asked if any truth in the times article. Here is their reply.



Thanks for contacting us.



We indicated in an RNS announcement on 20 June that the well had started on 18 June and could take about 12 days. It could get to the target depth a day or two earlier, but whenever it does we will be making a formal announcement as the results will obviously be price sensitive.



Obviously this isnt our only prospect, so whether or not the well is a success we have plenty more prospects which we aim to drill.



Regards,





Nigel Burton

Finance Director

Granby Oil and Gas plc

077 8523 4447

nigel.burton@granbyoil.com

wilbs

So what do you make of that?

Nothing really syd. They are just backing up what they said in the RNS. They have other prospects so if the well is dry they will drill the others. I know that sounds negative but you can read too much into things.
I don't know where the papers get their info but its never right.
wilbs

Not much action here today.

mmmmmm.......

Wish I could buy some more but the rest of my money is in party poker making some quick and easy money before the bubble bursts :-) will put all profit made in Granby though.

Wednesday 29 June 2005

Granby Oil and Gas plc

('Granby' or 'the Company' or 'the Group')

UK North Sea 21/6b-6 Exploration Well

Drilling of North Sea exploration well 21/6b-6 has been completed. The well
began drilling on 18th June 2005 with the rig Bredford Dolphin operated by
Century Exploration (UK) Limited and was targeting a Palaeocene Sandstone
reservoir.

The reservoir was encountered close to prognosis, but was found to be water
bearing.

The well, which was drilled at no cost to Granby, is to be plugged and
abandoned.

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

'Naturally, we are disappointed that this was not a better result for our first
well, but we have many excellent prospects which we are preparing to drill over
the next couple of years. We are already preparing a multi-well programme for
2006 based on our 22nd round licences, as well as looking forward to the
results of the 23rd Licensing Round which we hope will provide further
opportunities.'

Enquiries:

Granby Oil and Gas 020 7464 8473

David Grassick, Managing Director 07785 921080

Nigel Burton, Finance Director 077 8523 4447

College Hill 020 7457 2020

Ben Brewerton / Jim Joseph


Notes to Editors

Background

Exploration well 21/6b-6 was Granby's first exploration well and was drilled on
the Marquis prospect, located to the west of the Forties field in the Central
North Sea. Granby was initially awarded 50% of block 21/6b in the 21st
Licensing Round in 2003, before farming out to Century and Elixir in order to
fund the well. Granby's costs for the drilling of the well will be fully met by
its farm-in partners.

Interests in block 21/6b are as follows:

Century Exploration (UK) Limited (Operator) 70%

Elixir Petroleum Limited 15%

Granby Enterprises Ltd 15%

Overview of the Business

Granby Enterprises Ltd is a wholly owned subsidiary of Granby Oil and Gas plc
(ticker symbol GOIL), which recently listed on AIM raising 10 million in order
to fund exploration drilling on its North Sea prospects.

Granby is an oil and gas business focused on exploration in carefully selected
areas in the North Sea and elsewhere, and also on securing production and
development, initially in the Galoc field in the Philippines.

The Group's strategy is to build a significant portfolio of assets through the
discovery and exploitation of oil and gas reserves. The Group was formed from
the combination of Granby Enterprises and Team Oil, two independent companies
which were closely associated and which since June 2004 have had common
management teams and ownership.

The combined management team includes five former executives from Enterprise
Oil plc, one of the largest independent companies operating in the North Sea
during the 1980s and 1990s.

Granby's portfolio and plans

Granby is planning a multi-well programme for 2006 on a number of its other
North Sea prospects.

The current asset base of Granby comprises interests in six UK offshore
licences spanning a total of ten blocks and part blocks in the Central North
Sea, and containing eight prospects generated by the Company with an unrisked
potential, excluding Marquis, of 259 million barrels.

In addition, the company is in the process of finalising negotiations for
access to a potential offshore oil field development in the Philippines.


This has not cost GOIL a penny but I suspect the sp will suffer tomorrow. They still imho a good company with a great management behind them. I will be keeping hold of my shares as there are plenty more prospects for them.
Also they ahve said they are in the process of finalising negotiations for
access to a potential offshore oil field development in the Philippines.
What are your views fellow Goilies?

wilbs

Not good then?

What affect do you think this will have on the share price wilbs?

Wilbs,

Not a holder myself, but if I was, I'd be seriously hacked off that they held back on releasing this news until 4.30 when the market had closed. Can't comment on the rest of GOIL's prospects as I haven't looked at them. Even though this well was at no cost to Granby as the RNS states, I think it will be marked down quite sharply at the open. Just IMO.

Gav

BULLSHIT anouncement time and will probably have more of an effect than if it was at 07.00. some companies are SO BADLY advised.

What will the price open at tomorrow? will it open the price it is now and go down as people sell or will it open with a completly different price? how does it work? Thanks peoples.

In for the long term it was only a finder well which most of them are failures, the company still has lots of assets.

will open a leg down

Got to say I agree with what Prop's saying, wouldn't inspire confidence in management for me. If it gets marked down a lot then it may encourage further selling and increase the fall of the sp.

not as bad as BA announcing layoffs a couple of general elections ago! expect anying less than a 30% decline as a result...sorry wilbs and Co. i sincerly hope they recover quickly.

I think it will be marked down as there may be a few sells go through before the market opens. As syd says, its only a finder well and theres more wells to explore. Im not worries as im holding term and think the sp will recover after any drop. Next news will be the Philippines.
The weather is crap in Norfolk, thunder, lightning, torrential rain. What an end to a $h1t day!!!!!

wilbs

ELP will drop big time tomorrow as I think they put up some of the costs.