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24 Apr 2009 07:00
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24Β AprilΒ 2009
CIRCLEΒ OILΒ PLC
("Circle" or the "Company")
BOARDΒ APPOINTMENT
CircleΒ OilΒ PlcΒ (AIM:Β COP), the international oil and gas exploration, development and production companyΒ is pleased to announce the appointment of Mr.Β Ramadan AburawiΒ to itsΒ Board as a non-executive directorΒ with immediate effect.
Mr. Aburawi (age 64)Β is aΒ Geologist with over forty years of operational, technical and managerial experience in upstream oil and gas and is currentlyΒ a member of the Board of Directors and Exploration and ProductionΒ Director of Libya Oil Holdings Limited.Β Libya Oil Holdings LimitedΒ currentlyΒ holdsΒ 28.7%Β of Circle's issued ordinary shares.Β Β Prior to his involvement withΒ Libya Oil Holdings, Mr. Aburawi spent a considerable portion of his career with Waha Oil Company (a major Libyan based upstream oil exploration and production company) withΒ whomΒ he held a number of senior technical and managerial positions.Β Β He also held managerial roles with Algerian Libyan Arab Petroleum E & P Company and the ArabΒ PetroleumΒ Services Company. Mr.Β Aburawi holds a B.Sc.Β in Geology from theΒ UniversityΒ ofΒ LibyaΒ and an M.Sc.Β in Geology from theΒ UniversityΒ ofΒ South Carolina,Β USA.
Commenting on the appointment of Mr.Β AburawiΒ to the Board, Circle's Chairman, Mr. Thomas Anderson said:Β
"I am very much looking forward to working with Mr. Aburawi. I am sure that, given his long years of experience in the oil industry, he willΒ have a positive contribution to make toΒ our Board discussions andΒ itsΒ decision making processes.Β "
Β Β
Mr Aburawi holds the following current directorships:
Current Directorships and Partnerships:
Libya Oil Holdings Limited
The JointΒ Oil Exploration, Exploitation & Petroleum Services Co
Libya Oil Exploration &Β Production Limited
Tamoil Oil & Gas Exploration &Β Investments Limited
ODEX Exploration Limited
Earth Science Society ofΒ Libya
There are no furtherΒ disclosures required underΒ paragraphΒ (g)Β ofΒ ScheduleΒ TwoΒ of theΒ AIMΒ Rules.Β
Enquiries:
Circle Oil plcΒ (+44 20 7638 9571)
David Hough, CEOΒ
Collins Stewart Europe LimitedΒ (+44Β 20 7523 8350)Adrian Hadden Fox-Davies CapitalΒ (+44 20 7936 5230)Daniel Fox-Davies Citigate Dewe RogersonΒ (+44 20 7638 9571)MartinΒ JacksonGeorge Cazenove
Notes to Editors
Circle Oil Plc
Circle Oil Plc (AIM:Β COP) is an international oil & gas exploration and development 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.Β
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 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 appraiseΒ reserves and bring assets into production, generating sustained cash flow for further investment.
Further information on Circle Oil is available on its website atΒ www.circleoil.netΒ
This information is provided by RNS The company news service from the London Stock Exchange
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