VANCOUVER, Nov. 14 /CNW/ - Grove Energy Limited ("Grove" or the
"Company") (TSX-V & AIM: GRV), the oil and gas exploration company with assets
in Europe and the Mediterranean Margin, announces that integration of Grove's
2D seismic data shot in December 2004 and review of recently obtained well log
reports from the Dougga-1 well drilled in 1981 and 2D seismic data received
from the former holder of the Kerkouane Exploration Permit is underway with
encouraging results. Work completed to-date has helped to better define the
Sambuca prospect and has also indicated a potentially large hydrocarbon
bearing structure in the vicinity of the Dougga-1 well.
Grove has mapped this structure and conducted petrophysical
re-evaluations of the well logs. The results of this work are encouraging. On
the basis of this information the Company has decided to engage independent
experts to prepare a reserve estimate. When complete, this estimate will be
incorporated within Grove's December 31, 2006 Form 51-101F1 Statement of
Reserves Data and Other Oil and Gas Information.
GROVE ENERGY LIMITED
Per "Wolfgang Zimmer"
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Dr. Wolfgang Zimmer, President
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 in 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.
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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.
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