GOIL Granby Oil

    28 February 2008

Granby Oil and Gas plc

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

Tristan NW Gas Development Successfully Drilled and Tested

Granby  Oil and Gas plc, the oil and gas exploration and production company with interests in  the
UK  North  Sea  and  onshore Europe, is pleased to announce that the Granby  operated  Tristan  NW
production  well in the UK Southern North Sea has been successfully drilled and tested,  and  that
the Ensco 80 rig is preparing to move off location.

The 49/29b-11 subsea horizontal well has now been completed and flow tested at a rate of 30 mmscfd
(million standard cubic feet per day) (0.85 mcmd (million cubic metres per day)) with a calculated
Absolute  Open  Flow  (AOF)  potential of 48 mmscfd (1.36 mcmd)  in  line  with  expectations  and
comfortably  within  the  modelled range.  The 796ft horizontal section  was  successfully  placed
higher  in  the  gas leg than originally planned and penetrated very high net to gross  formation.
Whilst the estimated bottom hole pressure of approximately 2,300psi (pounds per square inch) is at
the  lower  end of modelled outcomes, the projected production volume and profile are both  within
the target range.

The  Diving  Support  Vessel 'Osprey' required for the flowline tie-in is currently  scheduled  to
arrive in early March 2008.

First  gas  is  still  expected to be in April 2008, although progress will be  dependent  on  the
weather conditions for the remaining diving operations.

Granby has a 54% interest in the Tristan NW development.

David Grassick, Managing Director of Granby Oil & Gas plc, said
"We  are  delighted to have completed flow testing our first development well and look forward  to
establishing  our first production shortly.  The Company's next exploration well, in which  Granby
has  a  carried interest of 25%, is expected to be drilled in May on the Globe prospect  in  Block
9/22."

The  Directors can confirm that these figures have been reviewed by David Grassick MA (Cantab), 
member  of  SPE,  who  has  over 27 years of experience as a Petroleum  Engineer  within  the  oil
industry.

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 operated Tristan NW gas development due on stream April 2008
    *       Three UKCS wells drilling in 2008, including the Monkwell appraisal well and Globe
            exploration well
    *       Exploration portfolio with net unrisked P50 potential of 321 million barrels

Granby's Portfolio and Plans

In  additional to the recent 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 is expected to begin production in April 2008.

In 2008 Granby expects to drill at least three further wells, including a fully funded exploration
well  on  UKCS  block  9/22 in which Granby has a 25% carried interest and the  appraisal  of  the
Monkwell gas field.

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.

                                                                
Granby Oil & Gas plc



                                                                

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