Circle Oil PLC Operating Update Tunisia (1799J)
June 09 2014 - 9:20AM
UK Regulatory
TIDMCOP
RNS Number : 1799J
Circle Oil PLC
09 June 2014
9 June 2014
Circle Oil Plc
("Circle" or the "Company")
Operating Update Tunisia
Mahdia Permit - Exploration Well El Mediouni-1 (EMD-1)
Circle Oil Plc (AIM: COP), the Middle East and Africa focused
oil and gas exploration, development and production company, is
pleased to announce the commencement of drilling of the well EMD-1
on the offshore Mahdia Permit using the drillship PetroSaudi
Discoverer.
The well is located within the vicinity of many producing
fields, including the Tazerka, Birsa, Oudna, and Halk El Menzel oil
fields, and the Maamoura gas field. The well is planned to test the
play potential of the El Mediouni prospect, including the primary
Birsa Sands target and the secondary fractured carbonates of the
Ketatna Formation.
The Birsa Sands alone have a management pre-drill P50 estimate
of 185 MMbo STOOIP. The primary target, the Birsa Sands, is
expected at 1,260 metres MD with the Ketatna Carbonates at 1,460
metres MD. The management view on the recoverable prospective
resources estimate for the El Medouini prospect is 46 MMbo for the
Birsa Sands objective alone. This is substantially larger than the
recoverable commercial threshold for the area which stands at
approximately 10 MMbo.
Depending on progress rates the well is expected to take
approximately 5-7 weeks to drill.
Commenting on the spudding of EMD-1, Prof. Chris Green, CEO,
said:
"We are very pleased to be drilling what is our first offshore
well and to be working with PetroSaudi and other experienced
service companies on this project. It marks the start of another
stage in our busy 2014 operational work programme."
Glossary
MMbo Million barrels of oil
MD Measured Depth
P50 Probability of success 50%
STOOIP Stock Tank Oil Originally in Place
In accordance with the guidelines of the AIM Market of the
London Stock Exchange, Dr Stuart Harker, VP Geology, with over 40
years experience, is the qualified person as defined in the London
Stock Exchange's Guidance Note for Mining and Oil and Gas
companies, who has reviewed and approved the technical information
contained in this announcement. Dr. Harker holds a BSc (Hons) in
Geology from the University of London (UK) and an MSc and PhD from
the University of Saskatchewan, Canada. He is also a Fellow of the
Geological Society of London and a Chartered Geologist.
For further information contact:
Circle Oil Plc (+44 20 7638 9571)
Professor Chris Green, CEO
Investec (+44 20 7597 5970)
Chris Sim
George Price
James Rudd
Liberum Capital Limited (+44 20 3100 2222)
Simon Atkinson
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
Shabnam Bashir
Murray Consultants (+353 1 498 0320)
Joe Murray
Joe Heron
Notes to Editors
Circle Oil Plc (AIM: COP) is an international oil & gas
exploration, development and production Company holding a portfolio
of assets in Morocco, Tunisia, Oman, and Egypt with a combination
of low-risk, near-term production, and significant upside
exploration potential. The Company listed on AIM in October
2004.
Internationally, the Company has continued to expand its
portfolio over the past years and now has assets in the Rharb
Basin, Morocco; the Ras Marmour Permit in southern Tunisia; the
Mahdia Permit offshore Tunisia, and the Zeit Bay area of Egypt.
Circle also has the largest licensed acreage of any company in
Oman. In addition to its prospective Block 52 offshore, Circle has
an ongoing exploration programme in Block 49 onshore.
Circle's strategy is to locate and secure additional licences in
prospective hydrocarbon provinces and, through targeted investment
programmes, monetise the value in those assets for the benefit of
shareholders. This could be achieved through farm-outs to selected
partners who would then invest in and continue the development of
the asset into production, or Circle may opt to use its own
expertise to appraise reserves and bring assets into production,
generating sustained cash flow for further investment.
Further information on Circle is available on its website at
www.circleoil.net.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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