- Grove awarded a total of 6 blocks in UKCS 23rd Round
- 2 blocks in Central North Sea - 21/28b and 21/22
- 4 blocks in Southern North Sea - 42/8, 42/9, 42/12 and 42/14
VANCOUVER, Sept. 7 /CNW/ - Grove Energy Limited ("Company") (TSX-V & AIM:
GRV) the oil and gas exploration Company with primary assets in Europe and the
Mediterranean Margin, is pleased to advise that it has been awarded six blocks
in the recent UK Offshore 23rd Licence Round in the Southern and Central North
Sea. These new blocks supplement the Company's current position in the
Southern North Sea (Block 42/13) and give the Company exposure to the
productive Central North Sea.
All blocks have been awarded on a promote basis with reduced licence fees
for the first two years. Work commitments in general involve the purchase of
existing seismic data and geological and geophysical studies to firm up the
currently identified prospects and leads. Grove's estimated share of expenses
is C$250,000.
In the Central North Sea, Grove's interest is in Blocks 21/22 and 21/28b
which are adjacent to the Fyne and Dandy discoveries which contain an
estimated 28 million barrels. Grove has a 30% interest in these blocks, and
Sterling Resources (U.K) Limited is the Operator with 50%.
In the Southern North Sea, Blocks 42/ 8, 9, 12, & 14 surround the large
gas prospect tested on Grove's neighbouring 42/13 block where Grove and
Sterling Resources (U.K) Limited are currently in a pre-drilling planning
stage for an appraisal well. Grove has a 25% interest in the Southern North
Sea blocks, and Sterling Resources (U.K) Limited holds the balance and is
Operator.
Grove is committed to building a diversified exploration, appraisal and
development portfolio of oil and gas assets in Europe and the Mediterranean
Margin. Grove's principal business strategy is to generate a sustainable cash
flow as quickly as possible. Grove's assets are in proven hydrocarbon
provinces, close to existing discoveries and infrastructure, in regions that
are net importers of hydrocarbons with high domestic hydrocarbon prices and in
countries with stable legal and political environments.
GROVE ENERGY LIMITED
Per "Glenn Whiddon"
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GLENN R. WHIDDON, CEO
Some of the statements contained in this release are forward-looking
statements. Forward looking statements include but are not limited to,
statements concerning estimates of recoverable hydrocarbons, expected
hydrocarbon prices, expected costs, statements relating to the continued
advancement of the Company's projects and other statements which are not
historical facts. When used in this document, and on other published
information of the Company, the words such as "could," "estimate," "expect,"
"intend," "may," "potential," "should," and similar expressions are forward-
looking statements. Although the Company believes that its expectations
reflected in the forward-looking statements are reasonable, such statements
involve risk and uncertainties and no assurance can be given that actual
results will be consistent with these forward-looking statements. Various
factors could cause actual results to differ from these forward-looking
statements including the potential for the Company's projects to experience
technical or mechanical problems, geological conditions in the reservoir may
not result in a commercial level of oil and gas production, changes in product
prices and other risks not anticipated by the Company or disclosed in the
Company's published material. Since forward-looking statements address future
events and conditions, by their very nature, they involve inherent risks and
uncertainties.
Neither the TSX Venture Exchange nor the AIM Market operated by
London Stock Exchange plc approves nor disapproves of the
information contained herein.
The information contained herein does not constitute an offer
of securities for sale in the United States, United Kingdom,
Canada, Japan or Australia.