Oil and gas group Granby Oil and Gas and its co-venturers in UKCS Licence P.1404 Block 13/25 have completed an assignment with Petro-Canada UK and Reach Exploration (UK), licensees of the adjacent Licence P.1459 Block 13/24d, to cross assign interests in the two licences.
Granby previously held a 25% interest in Licence P.1404 Block 13/25. After the cross assignment Granby has a 12.5% interest in Licence P.1404 and a 12.5% interest in Licence P.1459 Block 13/24d. Both Licences will be operated by Petro-Canada.
David Grassick, managing director of Granby Oil and Gas, said: “We are very pleased to have concluded this agreement with the Petro-Canada led group which will facilitate future exploration of the shared prospects on these blocks. The cross-assignment helps consolidate our position in this highly prospective hydrocarbon region where we now have five contiguous blocks and part blocks.”