Arrow Exploration Corp. press release
Grove Energy Limited - Romanian Operations Update
TSXV - TSX Venture Exchange · Oil · Natural Gas · Canada
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VANCOUVER, Aug. 9 /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 the drilling rig has moved to site and that the Boar prospect, located on the South Craiova Concession (40% Grove), will be spudded around August 20, 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 is expected to commence on August 20th and 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 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.