Manufacturing Industry
GRANBY OIL AND GAS PLC - Galoc Assignment.
PR Newswire UK Disclose, August, 2005
Granby Oil and Gas plc
("Granby" or "the Company" or "the Group")
Update on Galoc Farm in.
The Company today provides a progress update on its farm-in to Service Contract
14C, located in the Palawan Basin, offshore Philippines, which contains the
Galoc oil field.
The Philippines Department of Energy has now approved the farm-in by Granby's
wholly owned subsidiary, Team Oil Ltd, and its co-venturer, Cape Energy S.A. to
the Galoc Block Service Contract 14C. Granby's and Cape Energy's interests will
be held in a joint venture company, Galoc Production Company W.L.L. ("GPC"),
which has been established to finance and develop the Galoc oil field. As a
result of the farm-in arrangements, GPC will become operator of the Galoc Block
with a 58.29% participating...
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