Grove Completes Testing on D-14 Well in Slovenia

Grove Energy reports that the 100 meter well deepening and testing program conducted in April and May at the D-14 well in the Dolina Field has been completed.

Logs of the E1 sands near the bottom of the approximately 2,900 meter well showed good correlation with the E1 sands in the Petisovci-Globoki ("Pg") 5 well about 4km west of D-14. After fracture stimulation the Pg5 well produced significant quantities of gas in the Petisovci Field. However, gas flows during open-hole testing of the D-14 well were insignificant and the well has been suspended.

The Company has been advised by Loon Energy and Nemmoco Slovenia Corporation that they wish to undertake and fund further evaluations. Grove decided not to participate in such additional work and therefore, the costs and obligations of further work will be carried out under the sole-risk provisions of the farmout agreement by Loon and Nemmoco.