Arrow Exploration Corp. press release
Grove Awarded Six North Sea Blocks
TSXV - TSX Venture Exchange · Oil · Natural Gas · Canada
Grove awarded a total of 6 blocks in UKCS 23rd Round 2 blocks in Central North Sea - 21/28b and 21/22 4 blocks in Southern North Sea - 42/8, 42/9, 42/12 and 42/14
VANCOUVER, Sept. 7 /CNW/ - Grove Energy Limited ("Company") (TSX-V & AIM: GRV) the oil and gas exploration Company with primary assets in Europe and the Mediterranean Margin, is pleased to advise that it has been awarded six blocks in the recent UK Offshore 23rd Licence Round in the Southern and Central North Sea. These new blocks supplement the Company's current position in the Southern North Sea (Block 42/13) and give the Company exposure to the productive Central North Sea. All blocks have been awarded on a promote basis with reduced licence fees for the first two years. Work commitments in general involve the purchase of existing seismic data and geological and geophysical studies to firm up the currently identified prospects and leads. Grove's estimated share of expenses is C$250,000. In the Central North Sea, Grove's interest is in Blocks 21/22 and 21/28b which are adjacent to the Fyne and Dandy discoveries which contain an estimated 28 million barrels. Grove has a 30% interest in these blocks, and Sterling Resources (U.K) Limited is the Operator with 50%. In the Southern North Sea, Blocks 42/ 8, 9, 12, & 14 surround the large gas prospect tested on Grove's neighbouring 42/13 block where Grove and Sterling Resources (U.K) Limited are currently in a pre-drilling planning stage for an appraisal well. Grove has a 25% interest in the Southern North Sea blocks, and Sterling Resources (U.K) Limited holds the balance and is Operator.
Grove is committed to building a diversified exploration, appraisal and development portfolio of oil and gas assets in Europe and the Mediterranean Margin. Grove's principal business strategy is to generate a sustainable cash flow as quickly as possible. Grove's assets are in proven hydrocarbon provinces, close to existing discoveries and infrastructure, in regions that are net importers of hydrocarbons with high domestic hydrocarbon prices and in countries with stable legal and political environments.
GROVE ENERGY LIMITED
Per "Glenn Whiddon" GLENN R. WHIDDON, CEO
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 on 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.