Circle Oil PLC Operating Update Tunisia (8993N)
31 July 2014 - 10:00PM
UK Regulatory
TIDMCOP
RNS Number : 8993N
Circle Oil PLC
31 July 2014
31 July 2014
Circle Oil Plc
("Circle" or the "Company")
Operating Update Tunisia
Mahdia Permit - Exploration Well EMD-1
Further to the announcement of 9 June 2014, Circle Oil Plc (AIM:
COP), the Middle East and Africa focused oil and gas exploration,
development and production company, provides the following update
on the EMD-1 exploration well, offshore Tunisia.
The well was spud on 8 June 2014 and drilled to 753 metres MD
after which the 20 inch casing was run and successfully cemented.
After running the blow out preventer (BOP) and associated riser it
was found that mechanical problems had resulted in damage to the
permanent guide base. This was found to be irreparable locally and
a replacement permanent guide base has been delivered and
installed. The BOP and marine riser are now being re-run ahead of
completing drilling to the primary and secondary target horizons
expected at 1,260 metres MD and 1,460 metres MD respectively.
Circle does not anticipate a material delay to the timing of
results for the well.
Further updates will be provided in due course.
For further information contact:
Circle Oil Plc (+44 20 7638 9571)
Professor Chris Green, CEO
Investec (+44 20 7597 4000)
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 0320)
Joe Murray, Joe Heron
Glossary
MD Measured Depth
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 Grombalia, Ras Marmour and Beni Khaled Permits
onshore 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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