Granby's strategy is to pursue exploration and development opportunities in the North Sea and in carefully selected areas overseas. This strategy is unchanged, though the company have adapted and adjusted quickly to the industry's changing environment by moving into onshore exploration, by applying for and winning licences in the gas prone area in the Southern North Sea, and by taking the first steps towards developing a new business area in North Africa. Granby's aim in making these moves was to have the flexibility to take advantage of different rig markets to help keep costs down and maintain exploration activity, as well enabling the company to access opportunities overseas where they see less competition for assets and more technical upside than is usual in the North Sea.
Granby's Portfolio and Plans
Granby’s current activity includes:
- 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
- 10% interest in the Egdon operated Burton Agnes-1 exploration well onshore in Yorkshire which commenced drilling on 15 November 2007
- 10% interest in the Dana operated well appraising the Kerloch oil discovery on block 211/22a NW, which commenced drilling on 21 November 2007.
Granby has a 9% 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 26.8mmcfd from the Lower Leman Sandstone. The field was appraised by two further wells which also tested gas. A new well is planned for mid 2008 to further appraise the field and to enable a development decision to be made.
Granby has executed a Farm-In Agreement to participate with a 10% interest in UK North Sea Licence P.201 Block 211/22a NW, which contains the Kerloch oil discovery. The field was discovered in 1976 by well 211/22-1. The new appraisal well which commenced drilling on 21st November into an adjacent fault block is expected to take 30 days to drill.
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 an interest in a single onshore licence in Yorkshire where an exploration well commenced drilling on 15 November 2007. 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.