Business
Grove agrees to acquire two Tunisian blocks building major acreage position in the region
Grove agrees to acquire two Tunisian blocks building major acreage position in the region.
About this update from Surge Copper Corp.
[{"type":"text","content":"\n\n\n\n\n- Sicily Channel acreage increase to over 8,000 km(2)\n- Kerkouane offshore-onshore block contiguous with existing Pantelleria\n block GR15\n- 12 prospects and leads identified from new and existing seismic\n\nVANCOUVER, Jan. 13 /CNW/ - Grove Energy Limited (\"Grove\") (TSX-V &\nAIM: GRV), the oil and gas exploration company with assets in Europe and the\nMediterranean Margin, is pleased to announce that it has agreed to acquire two\nexploration permits in Tunisia - the 6,720 square kilometre Kerkouane offshore\nblock and the 2,428 square kilometre Chorbane onshore block (the \"Permits\").\nSubstantial work has been undertaken on the Permits and a number of exciting\nprospects have been identified.\nThe offshore-onshore Kerkouane block is contiguous with Grove's 100 per\ncent owned Pantelleria permits. Together, they represent an area of more than\n8,000 square kilometres of world-class hydrocarbon acreage. The Kerkouane\nblock includes the Dougga gas condensate discovery that was made by Shell in\nthe early 1980's.\nChorbane is an onshore block in Tunisia's south eastern coastal area and\ncontains two leads which are adjacent to the Sid el Kilani oil field and on\ntrend with the Miskar and Hasdrubal gas field.\nThe Permits are to be acquired from Anschutz Overseas Tunisia Corporation\n(\"Anschutz\"), a private Colorado company, under a binding purchase and sale\nagreement which is subject to standard conditions precedent to final closing.\nClosing is expected shortly upon receipt of documentation from the Tunisian\nauthorities. Formal approval of the arrangement between Anschutz and Grove by\nthe Tunisian Department of Energy and the extension of the work programme is\nexpected shortly. The Permits are supported by a substantial exploration data\nbase built up by Anschutz over the years.\nDuring the life of the Permits, Grove must drill one well within the\noffshore Kerkouane block and acquire 250 kilometres of 2D seismic over the\nonshore Chorbane block. Upon completion of these obligations, the Permits will\nbe converted into a production concession and an exploration permit\nrespectively. Grove's partner under the Permits will be Enterprise Tunisienne\nd'ActivitDes Petrolieres (\"ETAP\").\nAs surety for this work programme Grove will provide the Tunisian\nauthorities with a bond which shall be released as work ...