The rig and associated equipment has arrived on site and the mast has been erected and final preparations are under way. The Well is expected to take approximately 30-35 days to drill. Grove has a 40% interest in the Concession and Sterling Resources Limited is the operator with a 60% interest. The Well cost is approximately US$1.2 million (TD) and Grove has already advanced a majority of its financing commitments to the operator.
The Well is the first to be drilled on the 1.5 million acre Craiova Concession in the south west of Romania adjacent to the Bulgarian border. Recent geological and geophysical analysis has been conducted to assess the prospectivity of the entire Concession. The analysis has identified 21 leads to date which will be matured by acquiring further seismic during the 2nd half of 2005 and integrating the results into the existing data base, with the objective of drilling multiple low cost wells back to back on the Concession.
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