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

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.

Drill hole found water , what aload of crap Goil geoligists are , even if you walk down by the beach you will find water, even look up at the clouds you also will find water falling on your head, whataload of wasters /only waching still [with an umbrella].

Yeah I mean nothing has really changed with Granby, its not cost them a penny and it was only a finder well. I mean they have developed a highly attractive UK North Sea exploration portfolio with net prospective resources of 281 mmbbl (risked net prospects of 59 mmbbl) and are one of the leading new generation UK North Sea exploration businesses.

read somewhere that finder wells are given odds of something like 5 to 1 for sucessfully finding oil.

Oh well only tomorrow will tell. Am holding anyway, might even be able to buy some more if they go any cheaper :-)

mbugger why dont you go over to ADVFN if you dont hold. GOIL have a good team behind them. The first well had water, whooopeeeeeeeee!!!!!
Plenty more fish in the sea. Do us a favour and go on the seo thread and talk to your mates iidiot and seaquestor.

wilbs

I agree with that wilbs.

Anyone feel brave?

The mark down is very overdone.............

I am a coward.

Mind you this is now ridiculosly cheap.

Here she comes back again.

I'll just watch.

Goes to show, he has dares.........