Arrow Exploration Corp. press release
Grove Update on Sicily Channel Prospects
TSXV - TSX Venture Exchange · Oil · Natural Gas · Canada
VANCOUVER, Nov. 14 /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, announces that integration of Grove's 2D seismic data shot in December 2004 and review of recently obtained well log reports from the Dougga-1 well drilled in 1981 and 2D seismic data received from the former holder of the Kerkouane Exploration Permit is underway with encouraging results. Work completed to-date has helped to better define the Sambuca prospect and has also indicated a potentially large hydrocarbon bearing structure in the vicinity of the Dougga-1 well. Grove has mapped this structure and conducted petrophysical re-evaluations of the well logs. The results of this work are encouraging. On the basis of this information the Company has decided to engage independent experts to prepare a reserve estimate. When complete, this estimate will be incorporated within Grove's December 31, 2006 Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information.
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.
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