Grove Takes Three Licenses in Dutch North Sea

Grove Energy has been awarded offshore Exploration Licenses F14, F18 and L1b in the Dutch North Sea. These Licenses cover an area of 1,148 sq. km and contain a number of Upper Jurassic oil discoveries with significant volumes of oil in place.

These discoveries were made in the early 1970's and 1980's by vertical wells but at the time were determined to be uncommercial despite flow rates of 500 to 2,775 bop/d. However, with advances in seismic and drilling technology as well as improvements in regional infrastructure and supply fundamentals over the past 30 years, the reappraisal of these discoveries is warranted.

Grove will initially undertake a geologic and geophysical study of the new licenses , including the reassessment of existing 2D and 3D seismic and reservoir simulation models, with the aim of drilling further appraisal wells on the known oil accumulations and where merited, any deeper gas potential. All of the Jurassic oil discoveries and most of the remaining areas within the new licenses are covered by 3D seismic of various vintages, which Grove intends to acquire and reprocess using special reprocessing and seismic attribute analysis.

Following the new license awards in the Dutch North Sea, Grove now has three core areas of focus including the development of the Abbadesse discovery onshore in Italy and exploration programs on and offshore Tunisia.

Dr. Wolfgang Zimmer, President of Grove, commented that: "We are very pleased about the award of these highly prospective Exploration Licenses in the Dutch North Sea. Again Grove has been able to acquire high quality acreage when access to acreage has become extremely difficult and competitive. The award of these blocks to Grove represents a low cost entry into a prolific oil and gas province of the North Sea."

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