Business
Grove Energy Limited - Award of Tunisian Permits
Grove Energy Limited - Award of Tunisian Permits.
About this update from Surge Copper Corp.
[{"type":"text","content":"\n\n\n\n\n>\n\nVANCOUVER, Aug. 23 /CNW/ - Grove Energy Limited (\"Company\")(TSX-V &\nAIM: GRV), the oil and gas exploration company with assets in Europe and the\nMediterranean Margin, advises that it has received Ministerial ratification\nand approval for the acquisition of two permits in Tunisia - the 6,720 square\nkilometre Kerkouane offshore exploration permit and the 2,428 square kilometre\nChorbane onshore prospecting permit (the \"Permits\").\nThe offshore-onshore Kerkouane exploration permit is contiguous with\nGrove's 100 per cent owned Pantelleria permits in Italian waters. The\nKerkouane Permit contains the undeveloped Dougga gas condensate discovery made\nby Shell in the early 1980's and lies adjacent to the Tazerka oilfield. Grove\nintends to evaluate this discovery and its development potential.\nThis strategic acquisition has increased Grove's \"Sicily Channel Acreage\"\nto an area of more than 8,000 square kilometers, resulting in one of the\nlarger acreage positions in the region. The oil potential of the Pantelleria\nacreage was identified from Grove's 2005, 750 km 2D seismic program over the\nPantelleria Concession, whereby a number of material prospects were\nidentified, the largest being the Sambuca Prospect with a prospective resource\nbest estimate of 230 Million Barrels.\nGrove will be seeking farm in partners for the Sicily Channel Acreage now\nthat the Permits have been ratified and approved by the authorities. In\nparallel Grove is in negotiations with drilling rig providers and expects to\nreach an agreement with a drilling contractor during the coming quarter. It\nwas determined that farming out this acreage without a firm rig schedule was\nnot in the best interest of Grove.\nThe Chorbane prospecting permit located in Tunisia's central coastal area\nlies immediately west of several producing onshore oil fields and is on trend\nwith the producing offshore field Ashtart which contains 1 billion barrels of\noil in place.\nGrove will immediately start field operations with a GORE SORBER surface\ngeochemistry survey. The results of this survey will enable Grove to\nprioritize prospects and to plan the 200 km 2D seismic program which will\nfollow in Q4 of 2006.\n\nGrove's work commitments are:\n\n>\n\nGrove is the contractor under the Permits and operates on behalf of\nEnterprise Tunisienne d'ActivitD...