Circle Oil PLC Operating Update Morocco (0620Q)
August 27 2014 - 2:01AM
UK Regulatory
TIDMCOP
RNS Number : 0620Q
Circle Oil PLC
27 August 2014
27 August 2014
Circle Oil Plc
("Circle" or the "Company")
Operating Update Morocco
Circle Oil Plc (AIM: COP), the international oil and gas
exploration, development and production company, is pleased to
announce the following operating update.
Sebou and Lalla Mimouna Permits
The third drilling campaign in the Sebou permit and first
campaign in the Lalla Mimouna permit continue with the spud of the
second well named CGD-12 to be drilled in the Sebou permit.
The 12 locations initially chosen for the campaign are targeting
accumulations similar to the existing producing geological
intervals in the Sebou permit. This second well will test a dipping
fault bounded sand lens at 1,021 metres MD in the Guebbas Formation
within which many of the previous discoveries have been
successfully drilled.
Depending on progress rates the well is expected to take
approximately 30 - 35 days to drill.
Both the Sebou and Lalla Mimouna permits are a partnership
between Circle Oil Maroc Ltd (75%) and ONHYM (Office National des
Hydrocarbures et des Mines) (25%).
The Petroleum Agreements include the right of conversion to a
production licence in the event of commercial discoveries.
Production Update
Production in Sebou is continuing at 6.8 - 7 MMscf/d gross.
Prof Chris Green, CEO, said:
"Circle is very pleased to announce the start-up of our second
well in the third drilling campaign in Morocco. We again thank our
partner ONHYM for its continuing support and assistance as we
continue our joint work programme."
Glossary
MD Measured Depth
MMscf/d Millions of standard cubic feet of gas per day
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)
Clayton Bush
Tim Graham
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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