The Abbadesse discovery is subject to a joint venture with Blugas S.p.A, an Italian gas trading firm. Grove has entered into an exclusive gas sales agreement for the life-of-field with Blugas.
Grove continues to evaluate the potential of the remaining areas of the San Marco Permit (which are not subject to the Blugas joint venture). Grove intends to acquire additional seismic from the Eni Agip database to assist in the delineation of further drillable structures within the Permit.
Pantelleria Permits, Sicily Channel, Italy (100% Grove)
In December 2004 Grove acquired in excess of 750 km of 2-D seismic over the northern section of the Pantelleria West Permit at a cost of US$ 600,000. The seismic is currently being processed by Fugro Imaging Pty Ltd. Preliminary results are very encouraging.
It is believed that the new seismic will verify the prospectivity of the Permits, at which time Grove will seek experienced farm-in partners with interest in the region.
Petisovci-Dolina Gas Field, Slovenia (45.1% interest in the Reservoirs)
Grove and its partners intend to meet during May to discuss the results of the drilling and fracture stimulation of D-14, and evaluate various work programs to agree an appropriate strategy going forward.
South Craiova Concession, Romania (40% Grove)
The first well, Cetatuia-1, will be spudded in early May 2005, weather permitting. Road building, site preparation and equipment procurement has commenced and the drill rig is expected to be assembled in late April. Drilling time is estimated at 30 days. Sterling Resources (U.K) Limited is the operator. The well is planned to be drilled to a total depth of 2,800 metres and has been designed to test multiple oil targets in the mid Triassic and Sarmatian. Grove’s share of the drilling cost will be approximately US$1 million.
The South Craiova Concession covers an area of 1.5 million acres and is in a proven hydrocarbon basin, with nearest discoveries being Malu Mare (400 Bcf gas and 40 mmbbls oil) and Bradesti (100 mmbbls).
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