Grove Energy to Spud Prospect in Romania

Grove Energy Limited

Grove Energy Limited, the oil and gas exploration company with assets in Europe and the Mediterranean Margin, said that the drilling rig has moved to site and that the Boar prospect, located on the South Craiova Concession (40% Grove) in Romania, will be spudded around August 20, 2006. Boar is the first of a planned three well drilling program over the coming 6 months.

The Boar prospect (officially named the 2942-Piscu Sadovei) is located in the southeastern part of South Craiova. The drilling campaign is expected to commence on August 20 and last approximately 40 days. The Boar prospect was selected by Sterling Resources Limited (operator) from an interpretation of 2D seismic data shot earlier this year. The well is designed to test several reservoir objectives ranging from the Cretaceous to the Triassic, and the primary target is located at 2,000 meters.

Once the Boar well is completed Grove will have earned its 40% interest in South Craiova. Grove's share of the well cost is estimated at CDN$1.6 million.

A further 250 km of 2D seismic will also be shot in Goshawk Region of the South Craiova Concession. The seismic program is designed to refine the interpretation of several large structural features located in an area previously devoid of modern seismic.