Circle Oil PLC Operating Update Morocco (5868T)
October 07 2014 - 2:00AM
UK Regulatory
TIDMCOP
RNS Number : 5868T
Circle Oil PLC
07 October 2014
7 October 2014
Circle Oil Plc
("Circle" or the "Company")
Operating Update Morocco
Morocco Sebou Permit - Discovery Exploration Well CGD-12
Circle Oil Plc (AIM: COP), the Middle East and North Africa
focused oil and gas exploration, development and production
company, is pleased to announce the preliminary results of drilling
of the well CGD-12 in the Sebou Permit, onshore Morocco.
The well is located within the western central area of the Sebou
Permit, about 4 kilometres to the south of the main gas gathering
station. The well was spud on 25 August and drilled to a TD of
1,232 metres MD. Gas shows, which were confirmed by wire logging,
were encountered at different levels within the Guebbas and Hoot
sands.
The total net gas pay encountered in the well from wireline log
analysis is 9.7 metres. The seven inch liner was run and cemented
and the first test over the secondary target Intra Hoot sands
flowed at a sustained rate of 2.21 MMscf/d on a 18/64" choke. The
second test over the main target Main Hoot sands flowed at a
sustained rate of 4.62 MMscf/d on a 24/64" choke. The well will be
completed for future production and the Upper Hoot and Guebbas
sands will be available for production at a later date.
The rig will now be moved to drill KSR-12, the third well of the
Sebou campaign. Further updates will be provided in due course.
Commenting on the results of the CGD-12 well Prof. Chris Green,
CEO, said:
"We are very pleased to have another successful discovery in our
Sebou permit and have proven additional reserves for potential gas
production. This is the second well of a six well programme to be
drilled with our partner ONHYM in the Sebou permit and is coupled
with another six well programme in the Lalla Mimouna permit."
Glossary
MD Measured Depth
MMscf/d Millions of standard cubic feet of gas per
day
TD Total Depth
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 0300)
Joe Murray
Joe Heron
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.
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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