Burton Agnes-1 Onshore Exploration Well Results

    21 December 2007

Granby Oil and Gas plc

("Granby" or "the Company" or "the Group")

Burton Agnes-1 Onshore Exploration Well Results

Granby  Oil  & Gas provides an update on results from the Burton Agnes-1 Exploration well  in  the
Egdon  operated licence PEDL071 located in East Yorkshire where the Company holds a fully  carried
10% interest.

The  Burton Agnes-1 well reached a TD of 2290 metres measured depth, 1982 m sub sea vertical depth
on 17 December 2007.  Gas shows were observed in the Leman Sandstone and carbonates and a fracture
within the Zechstein sequence.  Petrophysical analysis of the wireline log data has indicated that
the  primary  reservoir  target,  the Leman Sandstone, was water  wet.  The  Leman  Sandstone  was
penetrated  deep to prognosis due to a thicker than predicted Zechstein section in the well  which
was drilled on the north eastern margin of the prospect.

The  gas  zones within the Zechstein were not considered to warrant testing.  As such the well  is
currently being suspended whilst the results of the well are incorporated into the structural  and
geological  model for the Fraisthorpe Prospect to determine if a structurally elevated target  can
be reached from the current well site.  Granby's costs for the well have been fully carried.

David Grassick, Managing Director of Granby Oil and Gas, said:
"The  results from the Burton Agnes well are disappointing, however they did confirm the  presence
of  a  good quality sandstone reservoir and a viable petroleum system, which provide encouragement
for the potential of the area."

Richard Moreton, Executive Director of Granby Oil and Gas, said:
"The  gas  shows both within and above the Leman sandstone might provide targets for  a  sidetrack
from  this  well  to  a  more  elevated part of the structure once  the  post-well  evaluation  is
complete."

Enquiries:
 Granby Oil and Gas plc                                     020 7648 4950 or
                                                            0845 2577537
    David Grassick, Managing Director                       07785 921080
                                                            
    Nigel Burton, Finance Director                          077 8523 4447
                                                            
    www.granbyoil.com                                       
                                                            
 KBC Peel Hunt                                              020 7418 8900
 (Nominated Adviser and Broker)
    Jonathan Marren / Matt Goode                            
                                                            
 College Hill                                               020 7457 2020
    Nick Elwes / Paddy Blewer                               
                                                            

Notes to Editors

Overview of the Business
Granby  Oil  and  Gas  plc (LSE symbol GOIL) is building a significant oil  and  gas  exploration,
development  and production portfolio in carefully selected areas of the North Sea  and  elsewhere
through technical and commercial innovation.

Granby's Portfolio and Plans

In  additional to the Kerloch discovery, Granby's current activity includes a 54% interest in  the
Granby  operated Tristan North West gas development in block 49/29b in the UK Southern North  Sea,
which commenced drilling on 27 November 2007.

In 2008 Granby expects to drill at least three further wells, including a fully funded exploration
well on 9/22 and the appraisal of Monkwell.

Granby  has  a  20% interest in the Monkwell gas field in UKCS Licence P.001, Block  42/29a.   The
field was discovered in 1989 by well 42/29-6, which produced gas at a rate of 26.8mmscfd from  the
Lower Leman Sandstone.  The field was appraised by two further wells which also tested gas.  A new
well is planned for 2008 to further appraise the field and to enable a development decision to  be
made.

Granby's  current exploration acreage comprises interests in a portfolio of offshore  licences  in
the  North  Sea, containing multiple prospects generated by the Company.  Granby also  has  a  50%
working  interest in two blocks, one of which contains discovered oil and gas, located in the  gas
prolific Northern Rotliegendes sub-basin onshore Poland.



                                                                
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