VANCOUVER, May 12 /CNW/ - Grove Energy Limited ("Grove" or the "Company")
(TSX-V & AIM: GRV), the oil and gas exploration company with its primary
assets in Europe and the Mediterranean Margin, reports that the 100 meter well
deepening and testing program conducted in April and May at the D-14 well in
the Dolina Field has been completed.
Logs of the E1 sands near the bottom of the approximately 2,900 meter
well showed good correlation with the E1 sands in the Petisovci-Globoki ("Pg")
5 well about 4km west of D-14. After fracture stimulation the Pg5 well
produced significant quantities of gas in the Petisovci Field. However, gas
flows during open-hole testing of the D-14 well were insignificant and the
well has been suspended.
The Company has been advised by Loon Energy Inc. ("Loon") and Nemmoco
Slovenia Corporation ("Nemmoco") that they wish to undertake and fund further
evaluations. Grove decided not to participate in such additional work and
therefore, the costs and obligations of further work will be carried out under
the sole-risk provisions of the farmout agreement by Loon and Nemmoco.
GROVE ENERGY LIMITED
"Anthony Hawkshaw"
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Anthony Hawkshaw, Chief Financial Officer
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, the United Kingdom, Canada, Japan or
Australia.
