Grove Energy Limited
09 May 2006
Grove Energy Limited
Date: May 9, 2006 NEWS RELEASE
Block Admission Return and Block Admission Application
Grove Energy Limited ('Grove' or the 'Company') (TSX-V & AIM: GRV) announces
that, pursuant to its Block Admission of 2 May 2005 at which time 12,339,050
common shares of no par value in the capital of the Company were reserved for
allotment arising from the conversion of warrants into common shares of the
Company, for the period from 2 November 2005 to 2 May 2006 it has issued
4,166,748 common shares of no par value.
The Company currently has issued share capital of 136,169,145 common shares of
no par value and 936,702 common shares of no par value remain under the Block
Admission of 2 May 2005.
Grove is also pleased to announce that application has been made to the
Alternative Investment Market of the London Stock Exchange plc for the block
admission of 12,500,000 common shares of no par value, which may be allotted and
issued in due course should options exercisable into common shares be exercised
or notes convertible into common shares be converted.
Grove is committed to building a diversified exploration, appraisal and
development portfolio of oil and gas assets in Europe and the Mediterranean
Margin. Grove's principal business strategy is to generate a sustainable cash
flow as quickly as possible. Grove's assets are in proven hydrocarbon provinces,
close to existing discoveries and infrastructure, in regions that are net
importers of hydrocarbons with high domestic hydrocarbon prices and in countries
with stable legal and political environments.
GROVE ENERGY LIMITED
Per 'Anthony Hawkshaw'
ANTHONY HAWKSHAW, CFO
Some of the statements contained in this release are forward-looking statements.
Forward looking statements include but are not limited to, statements concerning
estimates of recoverable hydrocarbons, expected hydrocarbon prices, expected
costs, statements relating to the continued advancement of the Company's
projects and other statements which are not historical facts. When used in this
document, and in other published information of the Company, the words such as '
could,' 'estimate,' 'expect,' 'intend,' 'may,' 'potential,' 'should,' and
similar expressions are forward-looking statements. Although the Company
believes that its expectations reflected in the forward-looking statements are
reasonable, such statements involve risk and uncertainties and no assurance can
be given that actual results will be consistent with these forward-looking
statements. Various factors could cause actual results to differ from these
forward-looking statements including the potential for the Company's projects to
experience technical or mechanical problems, geological conditions in the
reservoir may not result in a commercial level of oil and gas production,
changes in product prices and other risks not anticipated by the Company or
disclosed in the Company's published material. Since forward-looking statements
address future events and conditions, by their very nature, they involve
inherent risks and uncertainties.
Neither the TSX Venture Exchange nor the AIM Market operated by London Stock
Exchange plc approves nor disapproves of the information contained herein.
The information contained herein does not constitute an offer of securities for
sale in the United States, United Kingdom, Canada, Japan or Australia.
For further information please contact:
Glenn Whiddon, CEO
Phone: +1 604 669 2099
Fax: +1 604 943 3716
Phone : +44 (0)795 160 3289
This information is provided by RNS
The company news service from the London Stock Exchange