GOIL Granby Oil

    17 December 2007

Granby Oil and Gas plc

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

Incentive awards to Directors and PDMR

Granby  Oil and Gas plc, the oil and gas exploration and production company with interests in  the
UK  North  Sea  and  onshore  Europe,  made awards to certain Directors  and  Persons  Discharging
Managerial  Responsibility under the 2007 Share Incentive Scheme ("the  Scheme")  on  13  December
2007, as approved by shareholders at the AGM on 19 September 2007. Full details of the Scheme were
contained  in  the  Appendix to the Notice for the 2007 AGM. The principal  terms  are  summarised
below.

Participants  in  the  2007  Scheme will receive either conditional  share  awards  or  awards  of
restricted  shares.  Awards  will  generally be forfeited  to  the  extent  that  the  performance
conditions  are  not  met or the participant does not remain in the continued  employment  of  the
Company. The Awards to employees are based on the number of shares they have purchased and  agreed
to  retain  throughout the three year period over which performance under the Scheme is  measured.
The purchases and awards are shown in the table below.

                              Purchases Matching conditional
                                        or restricted awards
Directors                                                   
David Douglas Grassick           40,000              120,000
Nigel John Burton               193,291              579,873
PDMR                                                        
Robert Dennis Moore              40,000              120,000
Susan Alison Heavens             40,000              120,000
Total                           313,291              939,873

At  the  end of the performance measurement period the awards will be released based on the  Total
Shareholder  return (TSR) achieved over the period. Performance will be measured on  one  occasion
only  as soon as practicable after the end of the relevant performance period. No re-testing  will
be  permitted.  If  performance is below the threshold then no part of  the  share  award  may  be
released.   Between  the  "Threshold"  and "Maximum" points,  the  shares  would  be  released  in
accordance  with a straight line sliding scale. The TSR targets are based on growth from  a  share
price of 56.0p, which was the average closing price for the 21 working days prior to the AGM on 19
September  2007,  the date when participants agreed their level of commitment. The  threshold  TSR
target  is  a  42.4%  increase  (72.0p/share) and the maximum  payout  will  be  at  95.3%  growth
(109.4p/share), with a pro-rata sliding scale between these points.


                                 Threshold                                 Maximum

                   Performance Target   % of Award To Be    Performance Target   % of Award To Be
                                            Released                                 Released
3 year TSR Goal        12.5% p.a.              25%          25% p.a. compound          100%
                     compound growth                              growth                 
                      (42.4% total)                           (95.3% total)


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 (Nominated Adviser)                           020 7418 8900
    Jonathan Marren / Matt Goode                            
                                                            
College Hill                                                020 7457 2020
    Nick Elwes / Paddy Blewer                               
                                                            


                                                                
Granby Oil & Gas plc



                                                                

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