Business
Grove Energy completes farmin of interest offshore UK Southern Gas Basin block
Grove Energy completes farmin of interest offshore UK Southern Gas Basin block.
About this update from Surge Copper Corp.
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, Aug. 16 /CNW/ - Grove Energy Limited (\"Company\") (TSX-V & AIM:\nGRV) the oil and gas exploration company with assets in Europe and the\nMediterranean Margin has completed the farmin with Sterling Resources (U.K)\nLtd (\"Sterling\") under which Grove will acquire a 25% interest in Block 42/13\nlocated in the UK Southern North Sea Gas Basin. The approval of the UK\nDepartment of Trade and Industry (DTI) has been obtained. Sterling will remain\noperator.\nGrove will earn its interest by paying 50% of the turnkey dry hole costs\nof a well to the Carboniferous formation. Testing costs will be paid by the\nparties according to their working interests.\nStudies completed by the operator's consultants confirm the potential for\na large structure within which a 400 foot gas column was proven by a well\ndrilled in 1997. The study further shows that the discovery well had\nsignificant well bore damage and that an undamaged well should have produced\nrates of natural gas on test ranging from 10 to 25 MMscf/d.\nThe operator is now soliciting turnkey drilling proposals for a jack up\nrig and is commencing the application process necessary for pre-drilling\napprovals from the various regulatory bodies.\n\nGrove is committed to building a diversified exploration, appraisal and\ndevelopment portfolio of oil and gas assets in Europe and the Mediterranean\nMargin. Grove's principal business strategy is to generate a sustainable cash\nflow as quickly as possible. Grove's assets are in proven hydrocarbon\nprovinces, close to existing discoveries and infrastructure, in regions that\nare net importers of hydrocarbons with high domestic hydrocarbon prices and in\ncountries with stable legal and political environments.\n\nGROVE ENERGY LIMITED\n\nPer \"Glenn Whiddon\"\n ---------------\n GLENN R. WHIDDON, CEO\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 on other published\ninformation of the Company, the words such as \"could,\" \"estimate,\" \"expect,\"\n\"intend,\...