Circle Oil PLC Egypt Operational Update (4035Y)
17 Mai 2016 - 8:01AM
UK Regulatory
TIDMCOP
RNS Number : 4035Y
Circle Oil PLC
17 May 2016
17 May 2016
CIRCLE OIL PLC
("Circle" or the "Company")
Egypt Operational Update
Circle Oil plc (AIM:COP) the international oil and gas
exploration, development and production company announces that the
2016 infill drilling campaign on the North West Gemsa field(1) has
been completed. The second of the two production wells, AASE-24 has
been drilled to TD, completed and tied in to the production
infrastructure. On 16 May a well test commenced and the well flowed
at a gross average rate of 1,714bbls/day of oil and 3.062mmcf/d of
gas through a 40/64" choke.
The well will be produced at a lower rate in order to best
manage the long term field production.
Circle CEO, Mitch Flegg said
"We are pleased with the results of this two well drilling
campaign which will help to maintain production rates and manage
field production. There is no further drilling planned in 2016
although there is an ongoing workover campaign which we also expect
to help maintain production levels."
(1) Circle Oil 40%, NPIC 50%, SDX 10%
For further information contact:
Circle Oil Plc (+44 20 7182 4913)
Mitch Flegg, CEO
Investec (+44 20 7597 5970)
Chris Sim
George Price
James Rudd
Murray (+353 1 498 0300)
Joe Heron
Pat Walsh
In accordance with the guidelines of the AIM Market of the
London Stock Exchange the technical information contained in the
announcement has been reviewed and approved by Mitch Flegg, Chief
Executive Officer of Circle Oil plc. Mitch Flegg, who has over 34
years of experience, is the qualified person as defined in the
London Stock Exchange's Guidance Note for Mining and Oil and Gas
companies,
Mitch Flegg holds a BSc in Physics from Birmingham University
and is a member of the Society of Petroleum Engineers (SPE) and the
Petroleum Exploration Society of Great Britain (PESGB).
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, and Egypt with a combination of
low-risk, near-term production, and significant upside exploration
potential. The Company listed on AIM in October 2004.
The Company has assets in the Rharb Basin, Morocco; the Ras
Marmour Permit in southern Tunisia; the Beni Khalled permit in
northern Tunisia, the Mahdia Permit offshore Tunisia and the NW
Gemsa permit in Zeit Bay area of Egypt.
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.
Glossary
bbls/day -- barrels per day
mmcf/d - million cubic feet per day
This information is provided by RNS
The company news service from the London Stock Exchange
END
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