GOIL Granby Oil

RNS Number:9337R
Silverstone Energy Limited
09 April 2008



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR 
FROM ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE 
LAWS OF THE RELEVANT JURISDICTION


FOR IMMEDIATE RELEASE

                              RECOMMENDED CASH OFFER
                                        FOR
                         GRANBY OIL AND GAS PLC ('Granby')
                                        BY
                    SILVERSTONE ENERGY LIMITED ('Silverstone')

Offer declared unconditional in all respects

Further to the Offer made on 18 March 2008 by Silverstone to acquire the entire
issued and to be issued share capital of Granby, except those Granby Shares
already owned by Silverstone, Silverstone announces that all conditions relating
to the Offer have been satisfied or waived.  Accordingly, the Offer has been
declared unconditional in all respects. The Offer will remain open for
acceptance until further notice.

The offer document setting out the full terms and conditions of the offer (the 
'Offer Document') was posted to Granby Shareholders on 18 March 2008.

This announcement should be read in conjunction with the Offer Document. Terms 
used in this announcement shall have the meanings given to them in the Offer 
Document unless the context otherwise requires.

Level of acceptances

The first closing date of the Offer was 1.00pm on Tuesday 8 April 2008.  At that
date, acceptances of the Offer valid in all respects had been received in
respect of 30,885,395 Granby Shares, representing approximately 84.8 per cent.
of Granby's issued share capital. In addition, Silverstone since making its
Offer has purchased and is now interested in 4,644,141 Granby Shares,
representing approximately 12.8 per cent. of the issued share capital of Granby.
Of such Granby Shares, 158,000 Granby Shares (representing approximately 0.6 per
cent. of Granby's issued share capital) have not yet been registered in the name
of Silverstone, pending formal settlement of the purchase of such shares.

Therefore at the first closing date, Silverstone announces that it has received
valid acceptances of the Offer, or has otherwise unconditionally acquired Granby
Shares (that is, where such purchases have formally settled), in respect of a
total of 35,371, 536 Granby Shares representing approximately 97.2 per cent. of
Granby's issued share capital.  Silverstone announces that all the conditions to
the Offer have now been satisfied or waived.  Accordingly, the Offer is now
declared unconditional in all respects.

Settlement

Settlement of the consideration to which any Granby Shareholder is entitled
under the Offer in respect of valid acceptances received by no later than 1.00pm
on Tuesday 8 April 2008 will be dispatched on or before 22 April 2008. 
Settlement of the consideration in respect of valid acceptances of the Offer
received after 1.00pm on Tuesday 8 April 2008 will be dispatched within 14 days
of receipt by Computershare Investor Services PLC of such acceptances.

Extension of the Offer and procedure for acceptance

The Offer will remain open for acceptance until further notice.  Silverstone
will give not less than 14 days' notice in writing to Granby Shareholders who
have not accepted the Offer before closing the Offer.

Granby Shareholders who hold their Granby Shares in certificated form (that is,
not in CREST) and have not yet accepted the Offer are urged to complete, sign
and return the Form of Acceptance (along with their share certificate(s) and any
appropriate documents of title) by post to Computershare Investor Service PLC,
Corporate Actions projects, Bristol BS99 6AH or by hand (during normal business
hours only) to Computershare Investor Services PLC, The Pavilions, Bridgwater
Road, Bristol BS13 8AE as soon as possible. The procedure for acceptance is set
out in paragraph 12(a) of Part II of the Offer Document.

In respect of Granby Shareholders who hold their Granby Shares in CREST,
acceptance should be made electronically and such shareholders are urged to
ensure that the TTE instruction settles as soon as possible. Such Granby
Shareholders should follow the procedures set out in paragraph 12(b) of Part II
of the Offer Document.  If you are a CREST sponsored member, you should refer to
your CREST sponsor before taking any action.

Granby Shareholders who have lost their Form of Acceptance, or have any other
queries in connection with the Offer, should contact Computershare Investor
Services PLC by telephone on 0870 707 1005 or, if calling from outside the UK,
on +44 870 707 1005 between 9.00am and 5.00pm (London time) Monday to Friday
(excluding bank holidays and other public holidays).  Please note that, for
legal reasons, Computershare Investor Services PLC will only be able to provide
callers information contained in the Offer Document and will be unable to give
advice on the merits of the Offer or to provide legal, financial or personal
taxation advice on the Offer.

Cancellation of trading and re-registration as a private company

As set out in the Offer Document, Silverstone intends to procure that Granby
applies for the cancellation of admission to trading of Granby Shares on AIM as
soon as possible.  Following consultation with AIM it is anticipated that such
cancellation will, subject to the requirements of the London Stock Exchange and
the AIM Rules, take effect on or around 8 May 2008.

The cancellation of admission to trading on AIM of Granby Shares would
significantly reduce the liquidity and marketability of any Granby Shares which
are not acquired under the Offer and their value may be materially and adversely
affected as a consequence. In connection with the cancellation of admission to
trading on AIM of Granby Shares, Silverstone would also intend to procure that
Granby Shares are withdrawn from CREST.

Silverstone also intends to procure that, subject to the cancellation of
admission to trading on AIM of Granby Shares, Granby will be re-registered as
soon as practicable as a private company under the relevant provisions of the
Companies Act 1985.

Compulsory acquisition

Silverstone intends to exercise, as soon as reasonably practicable, its rights
pursuant to Chapter 3 of Part 28 of the Companies Act 2006 to acquire
compulsorily any remaining Granby Shares, in respect of which the Offer has not
been accepted or which Silverstone has not otherwise acquired, on the same terms
as under the Offer.

General

Other than the purchase of 4,644,141 Granby Shares (representing 12.8 per cent.
of the issued share capital of Granby) (including 158,000 Granby shares in
respect of which such purchases have not formally settled) by Silverstone since
the commencement of the Offer Period as referred to above or as disclosed in the
Offer Document or in Silverstone's announcement on 26 March 2008, no Granby
Shares have been acquired or agreed to be acquired by or on behalf of
Silverstone or any person acting in concert with Silverstone during the Offer
Period and neither Silverstone nor any person acting in concert with Silverstone
has the benefit of any irrevocable commitment or letter of intent in respect of
any Granby Shares or has any interest in any Granby Shares, or any short
position (whether conditional or absolute and whether in the money or otherwise
and including any short position under a derivative), any agreement to sell, any
delivery obligation, any right to require another person to purchase or take
delivery in respect of any Granby Shares, any right to subscribe for any Granby
Shares or any stock borrowing or lending arrangement in respect of any Granby
Shares.  None of the valid acceptances referred to above have been received from
persons acting in concert with Silverstone.

Contact:

RBC Capital Markets          (Financial Adviser to Silverstone)
Andrew Smith                 +44 (0) 20 7653 4000
Martin Eales                 +44 (0) 20 7653 4000
Louise Mooney                +44 (0) 20 7653 4000

KBC Peel Hunt                (Financial Adviser and Nominated Adviser to Granby)
Jonathan Marren              +44 (0) 20 7418 8900
Matt Goode                   +44 (0) 20 7418 8900

Tristone Capital             (Financial Adviser to Granby)
Nick Morgan                  +44 (0) 20 7355 5800
Derek Smith                  +44 (0) 20 7355 5800


Royal Bank of Canada Europe Limited, which trades as RBC Capital Markets and is
authorised and regulated in the United Kingdom by the Financial Services
Authority, is acting exclusively as financial adviser to Silverstone and for no-
one else in relation to the Offer. RBC Capital Markets will not be responsible
to anyone other than Silverstone for providing the protections afforded to its
clients or for providing advice in relation to the Offer or any other matters
referred in this announcement.

Tristone Capital Limited and KBC Peel Hunt Ltd, each of which is authorised and
regulated in the United Kingdom by the Financial Services Authority, are acting
exclusively as financial advisers to Granby and no one else in connection with
the Offer and will not be responsible to anyone other than Granby for providing
the protections afforded to their respective clients or for providing advice in
relation to the Offer or any other matters referred to in this announcement.

This announcement is not intended to and does not constitute, or form any part
of, an offer or an invitation to purchase or sell any securities or the
solicitation of an offer to purchase any securities in any jurisdiction pursuant
to the Offer or otherwise.  The Offer is made solely through the Offer Document
and, in the case of certificated Granby Shares, the Form of Acceptance, which
together contain the full terms and conditions of the Offer, including details
of how to accept the Offer.  Any acceptance or other response to the Offer
should be made only on the basis of the information contained in the Offer
Document and the Form of Acceptance.

The release, distribution or publication of this announcement in jurisdictions
other than the UK may be restricted by law and therefore any persons who are
subject to the laws of any jurisdiction other than the UK should inform
themselves about and observe any applicable requirements.

Copies of this announcement and any documentation relating to the Offer are not
being, and must not be, directly or indirectly, mailed or otherwise forwarded,
distributed or sent in or into or from any Restricted Jurisdiction and persons
receiving such documents (including custodians, nominees and trustees) must not
mail or otherwise forward, distribute or send such documents in or into or from
a Restricted Jurisdiction.  The Offer (unless otherwise determined by
Silverstone and permitted by applicable law and regulation), will not be made,
directly or indirectly, in or into, or by the use of the mails, or by any means
of instrumentality (including without limitation, telephonically or
electronically) of interstate or foreign commerce of, or any facilities of a
national securities exchange of any Restricted Jurisdiction, and the Offer will
not be capable of acceptance from or within any Restricted Jurisdiction.

This announcement has been prepared for the purpose of complying with the Code
and the information disclosed may not be the same as that which would have been
disclosed if this announcement had been prepared in accordance with the laws of
jurisdictions outside the UK.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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