19/10/2007
Granby Oil and Gas has increased reserves 130 per cent and expects its first North Sea gas early next year.
The AIM-quoted company, with interests in the UK North Sea and the Philippines, says its booked reserves have risen from 1.9 million to 4.4 million barrels of oil equivalent. According to London-headquartered Granby, the first phase of development at its UKCS Licence P.105 Block 49/29b in the Tristan NW gas field in the southern North Sea is now complete.
Managing director David Grassick says 'we are looking forward to our first production in early 2008'. Floated two years ago at 84p, Granby shares soon raced to 137.5p before beginning their descent to 48p last August.
They have since rallied to 71p, up 5p today, valuing the company at £26 million, and might make further progress if results enthuse.
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