Arrow Exploration Corp. press release
Grove Reports on D-14 Well, Slovenia
TSXV - TSX Venture Exchange · Oil · Natural Gas · Canada
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" 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.
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The information contained herein does not constitute an offer of securities for sale in the United States, the United Kingdom, Canada, Japan or Australia.