Granby Oil and Gas plc announces that, following consent by the Secretary of State for Trade & Industry (‘DTI’), it has completed a Farm in Agreement with Atlantic Petroleum UK Limited (‘Atlantic’) to farm out 50% of its interest in UKCS block 14/9a (under Licence P.1288) and block 14/14b (under Licence P.1211). The licences are to be merged by the DTI under a revised licence area covered by Licence P.1211. The blocks contain Granby’s Anglesey prospect which consists of a series of tilted Jurassic fault blocks. The blocks are located in around 130m water depth, some 150 km north-east of St. Fergus, and 30km north of the Talisman-operated Claymore field.
Under the farm out arrangements, Atlantic will acquire a 50% interest in the merged licence. Granby will retain a total 50% interest in the block although this is expected to reduce further as an additional farm out is currently under negotiation. Granby will remain operator of the licence, where a high resolution 2D seismic survey is currently being acquired.
David Grassick, Managing Director of Granby Oil and Gas, said:
“We very much look forward to working with our new co-venturers Atlantic on the Anglesey prospect. If the current seismic programme confirms the prospect we hope this will lead to a well being drilled in 2008.”
Richard Moreton, Executive Director, said:
“Anglesey is a large prospect in the Outer Moray Firth on the westward oil migration path out of the Witch Ground Graben. The target reservoirs are upper Jurassic Piper and Sgiath reservoir sands in one of the tilted fault blocks in the prospect.”
Participating Interests
Following completion of the farm-out arrangements and the assignment of interests in the licence, the participating interests will be:
Granby: 50%
Atlantic Petroleum: 50%