4 Jun 2010 16:35
4 June 2010
CIRCLE OIL PLC
("Circle" or the "Company")
Board Changes
Circle Oil Plc (AIM: COP), the international oil and gas exploration, development and production company, announces that Mr. Ramadan Aburawi, non-executive director, has resigned from the Board of Circle with effect from 4 June 2010.
Circle further announces the appointment of Mr. Ezzedin Hamyouni to the Board as a non-executive director with immediate effect.
Mr. Hamyouni (age 60) is a Geologist with over thirty-five years of operational, technical and managerial experience in upstream oil and gas and is currently the Chairman of Libya Oil Holdings Limited (Libya Oil Holdings currently holds a 24.05% equity interest in the Company). Prior to his chairmanship of Libya Oil Holdings Limited he was in charge of both upstream and downstream investments in Libya Investment Authority. He has also held senior positions in a number of oil exploration and development companies over the years.
Mr. Hamyouni holds a B.Sc in Geology from the University of Libya and an M.Sc in Geology from South Dakota School of Mines and Technology, USA.
Commenting on the changes to the Board, Circle's Chairman, Mr. Thomas Anderson said:
"We would like to thank Mr. Aburawi for his contribution over the last year and we welcome Mr. Hamyouni to the Board of Circle. His experience will further strengthen the bond between our two companies and we look forward to working with him in the future."
Disclosures:
Save as mentioned above, Mr Hamyouni, is currently, or has been in the past five years, a director of the following companies:
Current Directorships and Partnerships:
Chairman - Tamoil Africa Holdings Limited
Previous Directorships and Partnerships
Mediterranean Oil Services GMBH
Libyan Central Bank
National Oil Corporation - Libya
For further information contact:
Circle Oil Plc (+44 20 7638 9571)
Thomas Anderson, Chairman
Professor Chris Green, Interim CEO
Evolution Securities (+44 20 7071 4300)
Rob Collins
Chris Sim
Neil Elliot
Fox-Davies Capital (+44 20 7936 5230)
Daniel Fox-Davies
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
George Cazenove
Murray Consultants (+353 1 498 0320)
Joe Murray
Joe Heron
Notes to Editors
Circle Oil Plc
Circle Oil Plc (AIM: COP) is an international oil & gas exploration, development and production 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 Marmour 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 is available on its website at www.circleoil.net.