Arrow Exploration Corp. press release
3 Exploration Licenses awarded to Grove in the Dutch North Sea
TSXV - TSX Venture Exchange · Oil · Natural Gas · Canada
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VANCOUVER, Oct. 19 /CNW/ - Grove Energy Limited ("Company") (TSX-V & AIM: GRV), the oil and gas exploration company with assets in Europe and the Mediterranean Margin, has been awarded offshore Exploration Licenses F14, F18 and L1b in the Dutch North Sea. These Licenses cover an area of 1,148 sq. km and contain a number of Upper Jurassic oil discoveries with significant volumes of oil in place. These discoveries were made in the early 1970's and 1980's by vertical wells but at the time were determined to be uncommercial despite flow rates of 500 to 2,775 bop/d. However, with advances in seismic and drilling technology as well as improvements in regional infrastructure and supply fundamentals over the past 30 years, the reappraisal of these discoveries is warranted. Grove will initially undertake a geologic and geophysical study of the new licenses , including the reassessment of existing 2D and 3D seismic and reservoir simulation models, with the aim of drilling further appraisal wells on the known oil accumulations and where merited, any deeper gas potential. All of the Jurassic oil discoveries and most of the remaining areas within the new licenses are covered by 3D seismic of various vintages, which Grove intends to acquire and reprocess using special reprocessing and seismic attribute analysis. Following the new licence awards in the Dutch North Sea, Grove now has three core areas of focus including the development of the Abbadesse discovery onshore in Italy and exploration programs on and offshore Tunisia. Dr. Wolfgang Zimmer, President of Grove, commented that: "We are very pleased about the award of these highly prospective Exploration Licenses in the Dutch North Sea. Again Grove has been able to acquire high quality acreage when access to acreage has become extremely difficult and competitive. The award of these blocks to Grove represents a low cost entry into a prolific oil and gas province of the North Sea." Additional information on the Dutch North Sea can be found at http://dinolks01.nitg.tno.nl/dinoLks/NLOGPortal.jsp
To view a map of the 3 Exploration Licenses, please view the following URL: http://files.newswire.ca/515/DutchNorthSeaMap.doc
<< 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 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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