Granby announces that drilling operations commenced on the Guinea prospect on block 15/13b on 24 February 2007. The well is targeting a Palaeocene prospect in the Balmoral sandstone with significant oil potential and will be drilled to a total depth of approximately 2,150 metres. The well is being drilled by the Borgsten Dolphin rig and is operated by Nexen Petroleum U.K. Limited (‘Nexen’). Drilling operations are expected to take around 2 weeks.
Nexen and Gas Plus will together fund the cost of the well to earn a 50% and 12.5% interest respectively in the 15/13b block. Granby has a 24.375% interest in the block and its share of costs will be fully carried by Nexen and Gas Plus.
David Grassick, Managing Director of Granby Oil and Gas, said:
“This is the second well in our programme this year for the North Sea where, following our recent 24th Round success, Granby has an enlarged portfolio of prospects, as well as interests in the Tristan NW and Monkwell fields. Good progress is also being made on the Galoc development in the Philippines.”
Richard Moreton, Director of Granby Oil and Gas, said:
“Guinea is our fourth prospect to be drilled, and we are now actively engaged on farming out several other prospects from our portfolio to expand our exploration drilling programme.”
The block was initially awarded to a Granby-led group in the 22nd Licensing Round. Nexen and Gas Plus subsequently agreed to farm in to the block, leaving Granby and Elixir fully carried for the cost of this exploration well.
Interests in block 15/13b are as follows:
Nexen Petroleum (UK): 50.00%
Granby Enterprises North Sea Ltd: 24.375%
Elixir Petroleum: 13.125%
Gas Plus Italiana SpA: 12.5%