Circle Oil PLC Operating Update Morocco (8706J)
18 June 2014 - 4:00PM
UK Regulatory
TIDMCOP
RNS Number : 8706J
Circle Oil PLC
18 June 2014
18 June 2014
Circle Oil Plc
("Circle" or the "Company")
Operating Update Morocco
Morocco Sebou Permit - Exploration Well SAH-W1
Circle Oil Plc (AIM: COP), the Middle East and Africa focused
oil and gas exploration, development and production company, is
pleased to announce the preliminary results of drilling of the well
SAH-W1 in the Sebou Permit, onshore Morocco.
The well is located within the western central area of the Sebou
Permit, about 3.2 kilometres to the south west of the main gas
gathering station. The well was spud on 19 May and drilled to a TD
of 1,263 metres MD. Gas shows were encountered at three levels
within the target Guebbas sands, but seven inch casing had to be
installed (due to mechanical problems) before drilling a six inch
hole through the main target interval. The wireline logging
confirmed the presence of three gas-bearing zones, and subsequent
pressure testing in the six inch hole confirmed permeable high
pressure reservoirs.
The rig has been released from this site before running the 4.5
inch liner as this is a non-standard size for drilling these wells
and this is being sourced to test and complete the well for
production in the future. The net pay from wireline log analysis is
6 metres in the Top Guebbas, 6 metres in the main target Intra
Guebbas and 3 metres in the lower part of the Intra Guebbas. The
plan is to produce the three zones sequentially from the bottom up,
where the highest pressure is present.
Further updates will be provided in due course.
Commenting on the results of the SAH-W1 well Prof. Chris Green,
CEO, said:
"We are delighted to add another successful discovery to our
Sebou gas portfolio. This is the first 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."
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)
Simon Atkinson
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
Shabnam Bashir
Murray Consultants (+353 1 498 0320)
Joe Murray
Joe Heron
Glossary
MD Measured Depth
TD Total Depth
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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