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22 Oct 2009 07:00
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22Β OctoberΒ 2009
Circle Oil Plc
("Circle" or the "Company")
Al-Amir SE-4Β Well
Al-Amir Development Lease, NW Gemsa Concession,Β Egypt
Circle Oil plc (AIM:Β COP), the international oil and gas exploration and development company,Β announces that the testingΒ programme for the Al-Amir SE-4 Well isΒ on-going. The Company is notΒ yetΒ in receipt of the final results of the fullΒ testing programme and theseΒ resultsΒ will be issued to the market when appropriate.Β
The drilling rig has now moved to the north and has commencedΒ drilling the Geyad 2Β well, the first appraisal well in the Geyad discoveryΒ area.Β
For further information contact:
Circle OilΒ Plc (+44 20 7638 9571)
David Hough, CEO
Collins Stewart Europe Limited (+44 20 7523 8350)
Adrian Hadden / Adam Cowen
Fox-Davies Capital (+44 20 7936 5230)
Daniel Fox-Davies
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
Notes to Editors:
Circle OilΒ plc
Circle OilΒ Plc (AIM:Β COP) is an international oil & gas exploration and production Company with an expanding portfolio of assets inΒ Morocco,Β Tunisia,Β Oman,Β EgyptΒ andΒ NamibiaΒ with a combination of low-risk near-term production and significant exploration upside potential. The Company listed onΒ AIMΒ 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 Mamour Permit in southernΒ Tunisia; the Mahdia Permit offshoreΒ Tunisia; the Grombalia Permit in northernΒ Tunisia; theΒ ZeitΒ BayΒ area ofΒ EgyptΒ and the Owambo Basin, Namibia. Circle also has the largest licence holding of any Company inΒ Oman. In addition to its highly prospective Block 52 offshore, the Company also has an ongoing exploration program in Block 49 onshore.
The Company's strategy is to locate and secure additional licenses 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 toΒ 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 atΒ www.circleoil.net
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