Manufacturing Industry
GRANBY OIL AND GAS PLC - Galoc Farm in Completed.
PR Newswire UK Disclose, August, 2005
Granby Oil and Gas plc
("Granby" or "the Company" or "the Group")
Galoc Farm-in Completed
Following Granby's recent announcement confirming approval by the Philippines
Department of Energy of the farm-in to the Galoc oil field located in the
Palawan Basin, offshore Philippines, Granby is pleased to confirm that the
transaction has now been completed by its wholly owned subsidiary Team Oil Ltd.
Granby's interests are held in a joint venture company, the Galoc Production
Company W.L.L. ("GPC"), which has been established to finance and develop the
Galoc field. The other shareholders in GPC are Cape Energy SA and Vitol
Holdings SARL. Granby's costs for the initial development are financed by GPC
which is underwritten by Vitol. Granby (via Team Oil Ltd) has a...
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