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24 Apr 2009 07:00
24 April 2009
CIRCLE OIL PLC
("Circle" or the "Company")
BOARD APPOINTMENT
Circle Oil Plc (AIM: COP), the international oil and gas exploration, development and production company is pleased to announce the appointment of Mr. Ramadan Aburawi to its Board as a non-executive director with immediate effect.
Mr. Aburawi (age 64) is a Geologist with over forty years of operational, technical and managerial experience in upstream oil and gas and is currently a member of the Board of Directors and Exploration and Production Director of Libya Oil Holdings Limited. Libya Oil Holdings Limited currently holds 28.7% of Circle's issued ordinary shares. Prior to his involvement with 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) with whom he held a number of senior technical and managerial positions. He also held managerial roles with Algerian Libyan Arab Petroleum E & P Company and the Arab Petroleum Services Company. Mr. Aburawi holds a B.Sc. in Geology from the University of Libya and an M.Sc. in Geology from the University of South Carolina, USA.
Commenting on the appointment of Mr. Aburawi to the Board, Circle's Chairman, Mr. Thomas Anderson said:
"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 will have a positive contribution to make to our Board discussions and its decision making processes. "
Mr Aburawi holds the following current directorships:
Current Directorships and Partnerships:
Libya Oil Holdings Limited
The Joint Oil Exploration, Exploitation & Petroleum Services Co
Libya Oil Exploration & Production Limited
Tamoil Oil & Gas Exploration & Investments Limited
ODEX Exploration Limited
Earth Science Society of Libya
There are no further disclosures required under paragraph (g) of Schedule Two of the AIM Rules.
Enquiries:
Circle Oil plc (+44 20 7638 9571)
David Hough, CEO
Collins Stewart Europe Limited (+44 20 7523 8350)Adrian Hadden Fox-Davies Capital (+44 20 7936 5230)Daniel Fox-Davies Citigate Dewe Rogerson (+44 20 7638 9571)Martin JacksonGeorge Cazenove
Notes to Editors
Circle Oil Plc
Circle Oil Plc (AIM: COP) is an international oil & gas exploration and development Company with an expanding portfolio of assets in Morocco, Tunisia, Oman, Egypt and Namibia 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 2 years and now has assets in the Rharb Basin, Morocco; the Ras Mamour Permit in southern Tunisia; the Mahdia Permit offshore Tunisia; the Grombalia Permit in northern Tunisia; the Zeit Bay area of Egypt and the Owambo Basin, Namibia. Circle also has the largest licence holding of any Company in 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 appraise reserves and bring assets into production, generating sustained cash flow for further investment.
Further information on Circle Oil is available on its website at www.circleoil.net
This information is provided by RNS The company news service from the London Stock Exchange
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