Grove Awarded Six North Sea Blocks
Grove Energy has been awarded six blocks in the recent UK Offshore 23rd License Round in the Southern and Central North Sea. These new blocks supplement the Company's current position in the Southern North Sea (Block 42/13) and give the Company exposure to the productive Central North Sea.
All blocks have been awarded on a promote basis with reduced license fees for the first two years. Work commitments in general involve the purchase of existing seismic data and geological and geophysical studies to firm up the currently identified prospects and leads. Grove's estimated share of expenses is C$250,000.
In the Central North Sea, Grove's interest is in Blocks 21/22 and 21/28b which are adjacent to the Fyne and Dandy discoveries which contain an estimated 28 million barrels. Grove has a 30% interest in these blocks, and Sterling Resources (U.K) Limited is the Operator with 50%.
In the Southern North Sea, Blocks 42/ 8, 9, 12, & 14 surround the large gas prospect tested on Grove's neighbouring 42/13 block where Grove and Sterling Resources (U.K) Limited are currently in a pre-drilling planning stage for an appraisal well. Grove has a 25% interest in the Southern North Sea blocks, and Sterling Resources (U.K) Limited holds the balance and is Operator.
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