Drilling Update Morocco (9736C)
15 March 2011 - 11:20PM
UK Regulatory
TIDMCOP
RNS Number : 9736C
Circle Oil PLC
15 March 2011
15 March 2011
Circle Oil Plc
("Circle" or the "Company")
Drilling Update Sebou Permit Morocco
Circle Oil Plc (AIM: COP), the international oil and gas
exploration, development and production company, is pleased to
announce that following improvements in ground conditions in parts
of the Rharb Basin the fifth and final well in the current drilling
campaign has been spudded .
The well designated KSR-11 is targeting the Hoot formation at an
estimated depth of 1,750 metres. The target is similar to those
previously proven successful in KSR-8 and KSR-10.
It is presently anticipated that the drilling, logging, and if
successful, testing of the well will take approximately 5-6 weeks
to complete.
The Sebou permit lies to the north-east of Rabat in the Rharb
Basin in Morocco. The Rharb Basin is a foredeep basin located in
the external zone of the Rif Folded belt. The concession agreement,
in which Circle has a 75% share and ONHYM, the Moroccan State oil
company, has a 25% share, includes the right of conversion to a
production licence of 25 years, plus extensions in the event of
commercial discoveries.
In accordance with the guidelines of the AIM Market of the
London Stock Exchange, Professor Chris Green, Chief Executive
Officer of Circle Oil Plc, an explorationist and geophysicist with
over thirty years oil & gas industry experience, is a 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.
For further information contact:
Circle Oil Plc (+44 20 7638 9571) Professor Chris Green, CEO
Evolution Securities (+44 20 7071 4300) Rob Collins Chris Sim
Neil Elliot
Fox-Davies Capital (+44 20 3463 5010) Daniel Fox-Davies
Philip Davies
David Porter
Citigate Dewe Rogerson (+44 20 7638 9571) Martin Jackson George
Cazenove
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 with an expanding
portfolio of assets in Morocco, Tunisia, Oman and Egypt, with a
combination of producing, low-risk near-term production and acreage
with significant upside exploration potential. The Company listed
on AIM in October 2004.
Internationally, the Company has continued to expand its
portfolio over the past 2 years and now has assets in the Rharb
Basin, Morocco; the Ras Marmour Permit in southern Tunisia; the
Mahdia Permit offshore Tunisia; the Grombalia Permit in northern
Tunisia; and the Zeit Bay area of Egypt. Circle also has the
largest licence holding of any Company in Oman. In addition to
offshore Block 52, the Company also has an ongoing exploration
program in Block 49 onshore.
The Company'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. Circle may use its own expertise to
appraise reserves and bring assets into production, generating
sustained cash flow for further investment. In addition it may seek
farm-outs to selected partners who would then invest in the
exploration and continue through to the development of the assets
for production.
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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