Grove Encouraged by Sicily Channel Prospects
Grove Energy Limited, the oil and gas exploration company with assets in Europe and the Mediterranean Margin, said that it is encouraged by its efforts to better define the Sambuca prospect in the Sicily Channel. Moreover, the company said that its examination of existing data has also indicated a potentially large hydrocarbon-bearing structure in the vicinity of the Dougga-1 well drilled in 1981.
Grove is integrating 2D seismic data shot in December 2004 and reviewing recently obtained well log reports from the Dougga-1 well and 2D seismic data received from the former holder of the Kerkouane Exploration Permit.
Grove said that it has mapped the hydrocarbon-bearing structure near Dougga-1, and it has conducted petrophysical re-evaluations of the well logs. The company said that the results of this work are promising. On the basis of this information, the company has decided to engage independent experts to prepare a reserve estimate. When complete, this estimate will be incorporated within Grove's December 31, 2006 Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information.
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