Grove Energy Ltd., Vancouver, (Toronto Venture: GRV) plans to merge its U.K. E&P assets with those of privately held, U.K.-based Virgo Energy Ltd. and Australia-based Nido Petroleum Ltd. The companies will list the combined company, Virgo Energy Plc, on the Alternative Investment Market (AIM) of the London Stock Exchange during the first half of 2006. The combined company will hold interests in 24 exploration blocks in the North Sea on 3,344 gross square kilometers (1,482 net). Nine blocks will be contributed by Virgo, seven by Grove and eight by Nido. An independent chairman and chief executive will be appointed to the board of the new company, while Grove and Nido will each appoint one board member and Virgo will appoint two. On a pre-IPO basis, Grove will hold a 27.5% interest, Nido 25% and Virgo 47.5%.
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