Granby Oil and Gas has followed a 130 per cent increase in North Sea gas reserves with the sale of its interest in the offshore Philippine Galoc field to Aussie-listed Otto Energy for up to £9.6 million cash and £3.2m in shares and options.

AIM-quoted Granby, which proclaims that its booked reserves have risen from 1.9 million to 4.4 million barrels of oil equivaIent, says it anticipates first production from its Tristan NW gas field in the southern North Sea early next year, now that the first phase of development there is complete.

‘We are looking forward to our first production in early 2008,’ says managing director David Grassick. Granby now has more cash to develop its promising North Sea projects and a continuing indirect equity interest in its Philippine ventures.

Growth Company Investor subscribers have full access to all our AIM and small-cap share recommendations. To subscribe today with a half-price offer, and gain immediate access to all the recommendations, click here.

Granby Oil and Gas	AIM	0pm	p	p
Click here for interactive charting
Other company articles:
Granby agrees £23m bid			18/03/2008
Granby Oil and Gas			29/10/2007
Exploration Insights by Robert Tyerman			29/10/2007
Reserve boost at Granby			19/10/2007
Granby in £9m placing			11/08/2006