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- F14, F18 and L1b Exploration Concessions awarded containing fallow
oil discoveries
- 5 discovery wells on individual Triassic-Jurassic structures have
tested 500 to 2,775 barrels of oil a day in early 70's & 80's
- Additional deep gas potential
- Extensive 2D and 3D seismic data base
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VANCOUVER, Oct. 19 /CNW/ - Grove Energy Limited ("Company") (TSX-V &
AIM: GRV), the oil and gas exploration company with assets in Europe and the
Mediterranean Margin, has been awarded offshore Exploration Licenses F14, F18
and L1b in the Dutch North Sea. These Licenses cover an area of 1,148 sq. km
and contain a number of Upper Jurassic oil discoveries with significant
volumes of oil in place.
These discoveries were made in the early 1970's and 1980's by vertical
wells but at the time were determined to be uncommercial despite flow rates of
500 to 2,775 bop/d. However, with advances in seismic and drilling technology
as well as improvements in regional infrastructure and supply fundamentals
over the past 30 years, the reappraisal of these discoveries is warranted.
Grove will initially undertake a geologic and geophysical study of the
new licenses , including the reassessment of existing 2D and 3D seismic and
reservoir simulation models, with the aim of drilling further appraisal wells
on the known oil accumulations and where merited, any deeper gas potential.
All of the Jurassic oil discoveries and most of the remaining areas within the
new licenses are covered by 3D seismic of various vintages, which Grove
intends to acquire and reprocess using special reprocessing and seismic
attribute analysis.
Following the new licence awards in the Dutch North Sea, Grove now has
three core areas of focus including the development of the Abbadesse discovery
onshore in Italy and exploration programs on and offshore Tunisia.
Dr. Wolfgang Zimmer, President of Grove, commented that: "We are very
pleased about the award of these highly prospective Exploration Licenses in
the Dutch North Sea. Again Grove has been able to acquire high quality acreage
when access to acreage has become extremely difficult and competitive. The
award of these blocks to Grove represents a low cost entry into a prolific oil
and gas province of the North Sea."
Additional information on the Dutch North Sea can be found at
http://dinolks01.nitg.tno.nl/dinoLks/NLOGPortal.jsp
To view a map of the 3 Exploration Licenses, please view the following
URL: http://files.newswire.ca/515/DutchNorthSeaMap.doc
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GROVE ENERGY LIMITED
Per "Glenn Whiddon"
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GLENN R. WHIDDON, CEO
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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.
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.
