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- Boar prospect spudding August 29, 2006
- 250 km of seismic to be shot in Goshawk Region
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VANCOUVER, Aug. 30 /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, is pleased to advise that drilling
operations have commenced at the Boar prospect, located in the South Craiova
Concession (40% Grove), on August 29, 2006. Boar is the first of a planned
three well drilling program over the coming 6 months.
The Boar prospect (officially named the 2942-Piscu Sadovei) is located in
the south eastern part of South Craiova. The drilling campaign started on
August 29th and will last approximately 40 days. The Boar prospect was
selected by Sterling Resources Limited (Operator) from an interpretation of 2D
seismic data shot earlier this year. The well is designed to test several
reservoir objectives ranging from the Cretaceous to the Triassic and the
primary target is located at 2,000 metres.
Once the Boar well is completed Grove will have earned its 40 % interest
in South Craiova. Grove's share of the well cost is estimated at
C$1.6 million.
A further 250 km of 2D seismic will also be shot in the Goshawk Region of
the South Craiova Concession. The seismic program is designed to refine the
interpretation of several large structural features located in an area
previously devoid of modern seismic.
GROVE ENERGY LIMITED
Per "Wolfgang Zimmer"
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.
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.
