iturama
- 15 Dec 2004 08:17
Grove Energy Limited
15 December 2004
Grove Energy Limited
Press Release
December 14, 2004
Project Update: Abbadesse, D-14 and Pantelleria Seismic
Grove Energy Limited ('Grove') (TSX-V & AIM: GRV) is pleased to provide the
following update on the current work programme:
Abbadesse-1 Exploratory Well, San Marco Permit, Italy
Abbadesse-1 well reached a total depth of 3,068 metres on Monday December 13,
2004. While drilling, mud logs recorded good quality gas shows between 2,612
metres and 2,632 metres. This interval in all likelihood corresponds to the
first reservoir target and the depth is higher than prognosed. Additional gas
shows were recorded in the interval 2,685 to 2,705 metres.
Schlumberger electric wireline logs are currently being run to quantify the
recorded mud log gas shows. Based upon the wireline log results, a 7' liner will
be run, the well will be flow tested and completed for later production.
D-14 Appraisal Well - Fracture Stimulation, Slovenia
The first stage of the hydraulic fracturing of the D-14 well, being the lowest
zone which lies at a depth of 2,785 metres, has been completed. The initial
indications are that the emplacement of proppant was successful. Given the
over-pressured reservoir regime, an influx of high pressure fracture fluid
charged with gas was observed and quantities of gas were flared over the weekend
in order to relieve pressures and attain a safe working envelope. The second
stage of the hydraulic fracture programme will commence on Wednesday December
15, 2004. It is envisaged that the balance of the programme, comprising the
third and fouth stages, will be completed by the end of this week.
Upon the completion of the fracture stimulation programme, the D-14 well will be
flow tested to assess long term reservoir production properties and will
probably be completed for sustained production.
Pantelleria Seismic Acquisition, Italy
The seismic acquisition programme in respect of the Pantelleria West Exploration
Permit commenced on Monday December 13, 2004. Subject to weather, the programme
should be completed before Christmas.
Wireline log, flow test and details on the fracture stimulation programme in
respect of Abbadesse-1 and D-14 will be further released as they become
available.
Neither the TSX Venture Exchange nor the AIM Market operated by London Stock
Exchange plc approves nor disapproves of the information contained herein.
Readers are cautioned that the preceding statements may include certain
estimates, assumptions and other forward-looking information. The actual future
performance, developments and/or results of the Company and its subsidiaries may
differ materially from any or all of the forward-looking statements, which
include current expectations, estimates and projections, in all or part
attributable to general economic conditions and other risks, uncertainties and
circumstances partly or totally outside the control of the Company and its
subsidiaries, including oil prices, imprecision of reserve estimates, drilling
risks, future production of gas and oil, rates of inflation, changes in future
costs and expenses related to the activities involving the exploration,
development, production and transportation of oil, hedging, financing
availability and other risks related to financial activities, and environmental
and geopolitical risks. Discussion of the various factors that may affect future
results is contained in the corporation's recent filings with Canadian
securities regulatory authorities. The Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise.
The information contained herein does not constitute an offer of securities for
sale in the United States, United Kingdom, Canada, Japan or Australia.
GROVE ENERGY LIMITED
Per 'Glenn Whiddon'
GLENN R. WHIDDON, CEO
For further information please contact:
Web:
www.groveenergy.com
Grove Energy Limited
Glenn Whiddon, Chief Executive Officer - 0208 429 7478
glenn@groveenergy.com
Canaccord Capital (Europe) Limited
Robert Finlay, Director - 020 7518 2777
Equest Partners Limited
Michael Hanson - 0207 240 7600
mhanson@equest-partners.com
This information is provided by RNS
The company news service from the London Stock Exchange
seawallwalker
- 02 Nov 2006 19:01
- 19 of 19
This one was a lucky escape.
When they outed their North Sea assets, to concentrate on other things, I decided they were not for me.
They still aren't!
Grove Energy abandoning Boar Well in South Craiova Concession
AFX
LONDON (AFX) - Grove Energy Limited said it is plugging and abandoning the Boar Well in the South Craiova Concession in Romania. It said that after drilling to 2,673 MDBRT no hydrocarbons were observed.
Grove has a 40 pct interest in the concession.
It said a further 220 km of 2D seismic is being shot in the western part of the concession known as the Flounder Region. Results from these studies will dictate drilling plans for 2007.