Business
Grove completes sale of majority of its UK licences to EnCore Oil plc
Grove completes sale of majority of its UK licences to EnCore Oil plc.
About this update from Surge Copper Corp.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Jan. 16 /CNW/ - Grove Energy Limited (\"Grove\") (TSX-V & AIM:\nGRV), the oil and gas exploration company with assets in Europe and the\nMediterranean Margin, is pleased to announce the completion of its previously\nannounced sale of the majority of its UK North Sea portfolio to EnCore Oil plc\n(LSE:EO.). Grove has retained a 10% interest in Block 42/13 and the\nsurrounding licences and will participate in drilling the Block 42/13\nstructure located in the Southern Gas Basin of the UK North Sea. The 42/13\nstructure was mapped from 3D seismic data and was drilled in 1997 by Mobil.\nWell 42/13 -2 encountered a 140 metre gross gas column and studies indicate\nthe potential for a significant resource volume in a very large structure.\n\n\nGrove received 9.9 million ordinary fully paid shares of EnCore as\nconsideration for selling its 30% interest in Blocks 21/22 and 21/28 in the\nNorthern North Sea and 15% interests in Blocks 42/13 and 42/12, 42/14, 42/8\nand 42/9 in the Southern North Sea. The EnCore shares received are expected to\nbe admitted to trading on AIM on or about 22 January 2007 and are subject to a\nthree month hold period; however, at present Grove has no plans to sell them.\n\n\nAdditional information about Grove and EnCore may be found at\nhttp://www.groveenergy.com and http://www.encoreoil.co.uk.\n\n\nGROVE ENERGY LIMITED\n\n\n\"Glenn R. Whiddon\"\n\n\nGlenn R. Whiddon, Chairman\n\n\nSome of the statements contained in this release are forward-looking\nstatements. Forward looking statements include but are not limited to,\nstatements concerning estimates of recoverable hydrocarbons, expected\nhydrocarbon prices, expected costs, statements relating to the continued\nadvancement of the Company's projects and other statements which are not\nhistorical facts. When used in this document, and in other published\ninformation of the Company, the words such as \"could,\" \"estimate,\" \"expect,\"\n\"intend,\" \"may,\" \"potential,\" \"should,\" and similar expressions are\nforward-looking statements. Although the Company believes that its\nexpectations reflected in the forward-looking statements are reasonable, such\nstatements involve risk and uncertainties and no assurance can be given that\nactual results will be consistent with these forward-looking statements.\nVarious factors could cause actual...