Business
Grove Energy Limited - Grove builds portfolio in Dutch Sector of North Sea
Grove Energy Limited - Grove builds portfolio in Dutch Sector of North Sea.
About this update from Surge Copper Corp.
[{"type":"text","content":"\n\n\n\n\nGrove builds portfolio in Dutch Sector of North Sea via \n\n- P8 Production License\n\n- Blocks F14, F18 and L1b Exploration Applications\n\nVANCOUVER, April 12 /CNW/ - Grove Energy Limited (\"Grove\") (TSX-V &\nAIM: GRV) the oil and gas exploration company with its primary assets in\nEurope and the Mediterranean Margin, has expanded its European portfolio via\nthe application for the P8 Production License, which contains a proven\nundeveloped discovery and submissions for Exploration Licenses over Blocks\nF14, F18 and L1b, also containing unappraised oil discoveries.\nA Production License over the P8 Block in the Dutch North Sea (\"P8\nBlock\") has been applied for and Grove is in the final stages of the block\naward. The P8 Block contains a proven undeveloped oil accumulation discovered\nby Mobil in 1982, with three wells drilled on structure. The wells flowed\nbetween 500 to 800 barrels of oil per day during testing from vertical wells.\nAn independent reserve report is being prepared pursuant to National\nInstrument 51-101 requirements for Reserve Reporting in Canada and will be\nissued upon the final granting of the Production License.\nA number of development scenarios are being evaluated, however the\npreferred option is currently a horizontal long reach extended well from the\nHorizon platform which is approximately 6 km from the P8 discovery. A\nhorizontal well should result in substantially higher flow rates than the\noriginal vertical test wells. Negotiations are being held with the operator of\nthe adjacent Horizon Field in respect of a joint development plan for the P8\ndiscovery and once these have been concluded, the Dutch authorities are to\nmake the formal award of the P8 Block to Grove.\nUnder Dutch law, EBN (the State participant) has the right to earn a 40%\ninterest in the P8 Block by funding its share of capital and operating costs.\nGrove has been advised by EBN that it intends to exercise its farm-in right.\nThe P8 Block accumulation is contained within the Lower Cretaceous\nVlieland Sandstone reservoir that occurs at depths of around 1800 metres sub\nsea. Water depth at P8 is approximately 33 metres and the discovery is\napproximately 6 kilometres Northwest of Chevron's Horizon platform.\nAlso, during 2005, Grove applied for Exploration Licenses covering Blocks\nF14, F18 and L1b. Grove's ap...