TIDMCOP
RNS Number : 1684V
Circle Oil PLC
09 January 2012
9 January 2012
Circle Oil Plc
("Circle" or the "Company")
Operating Update on Infrastructure Construction, Morocco
Senior Management Appointment, Egypt
Circle Oil Plc (AIM: COP), the international oil and gas
exploration, development and production company, is pleased to
announce the following update regarding the construction of the new
pipeline and associated infrastructure for its Rharb Basin permits
in Morocco and a senior management appointment in Egypt.
Morocco - New 8-Inch Pipeline
The construction phase of the new Sebou (DRJ)-Kenitra pipeline
has been successfully completed.
The pipeline is now undergoing pressure testing prior to
commissioning and the start up of increased gas delivery to local
industry, which is expected to be completed by the end of
January.
Construction of the new pipeline has been completed on budget.
The total length of the pipeline is approximately 55 kilometres and
has a design capacity of 23.5 MMscf/d. The pipeline has been
connected to seven of the ten potential producing wells, with
tie-in for the remaining wells scheduled for completion during the
first quarter of 2012. These wells were discoveries made during the
two previous drilling campaigns in 2008/09 and 2010/11.
A further announcement will be made once commissioning is
completed.
Circle, through its wholly owned subsidiary, Circle Oil Maroc
Ltd. holds a 75% interest in the Sebou and Lalla Mimouna Permit
Concessions with the remaining 25% held by ONHYM. In addition, it
holds a 60% interest in the Oulad N'zala Permit Concession with the
remaining 40% held by ONHYM. Circle has a 75% interest in the new 8
inch pipeline with the remaining 25% held by ONHYM.
Egypt - Senior Management Appointment
Circle is pleased to announce the appointment of Mr. Tarek
Elbarkatawy as General Manager for Circle Oil Egypt Ltd. Tarek
holds a BSc. in Petroleum Engineering from Cairo University and a
Management and Business Administration diploma from the Cambridge
International College, UK. He has approximately 24 years of
diversified Oil and Gas experience in both E&P and Service
Companies, starting his career as a petroleum engineer in Suez Oil
Company, a joint venture between Shell and the Egyptian General
Petroleum Corporation (EGPC). From 1999 until taking up his
position with Circle Oil Egypt Ltd., Tarek has held several senior
management positions with Weatherford International including
Region General Manager in North Africa and Vice President in the
Middle East during which he led multiple drilling and production
projects. He has also been a chairman and board member of three
joint ventures between Weatherford and AlgeriaOs state owned energy
company Sonatrach, a board member of the International Algerian
Petroleum Institute and is a member of the Society of Petroleum
Engineers.
Tarek will be based in Cairo and will manage Circle's Egyptian
operations and liaise with its partners, Egyptian Government
entities and the State energy company, EGPC. Along with other
senior Circle staff and our country managers, he will contribute to
identifying, evaluating and securing new business opportunities in
Circle's geographic areas of interest.
Circle, through its wholly owned subsidiary, Circle Oil Egypt
Ltd., holds a 40% interest in the NW Gemsa Concession, with the
remaining interests being held by Vegas Oil and Gas (Operator) 50%
and Sea Dragon Energy 10%.
Prof Chris Green, CEO, said:
"I am delighted to be able to report the completion of the
construction phase for our new pipeline in the Rharb. We must thank
all concerned for their conscientious work and professionalism at
all stages of the project. Following completion of commissioning of
the pipeline Circle and its partner can look forward to
significantly increasing gas supplies and associated revenues to
local industry through 2012.
In addition to our progress in Morocco, we welcome another
seasoned MENA focused professional to Circle as we continue to
invest and strengthen our management on the ground in the countries
in which we operate. With his extensive experience and knowledge of
Middle East and North Africa we look forward to Tarek's
contribution to Circle's growth."
Glossary
MENA Middle-East North Africa
MMscf/d Million standard cubic feet of gas per day
ONHYM Office Nationals de Hydrocarbures et des Mines
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, and Dr Stuart
Harker, VP Geology, also with over 30 years experience, are the
qualified persons as defined in the London Stock Exchange's
Guidance Note for Mining and Oil and Gas companies, who have
reviewed and approved the technical information contained in this
announcement. Professor Green and Dr Harker have relied on primary
information supplied by third party consultants in carrying out
their review.
For further information contact:
Circle Oil Plc (+44 20 7638 9571)
Professor Chris Green, CEO
Evolution Securities (+44 20 7071 4300)
Chris Sim
Neil Elliot
Fox-Davies Capital (+44 20 3463 5010)
Daniel Fox-Davies
Richard Hail
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
Kate Lehane
Murray Consultants (+353 1 498 0300)
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 low-risk near-term production and significant
exploration upside potential. The Company listed on AIM in October
2004.
Internationally, the Company has continued to expand its
portfolio over the past two 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 its
prospective Block 52 offshore, Circle also 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 itself 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
MSCBFMFTMBJMBAT
Circle Oil (LSE:COP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Circle Oil (LSE:COP)
Historical Stock Chart
From Jul 2023 to Jul 2024