24 Mar 2015 15:03
24 March 2015
Circle Oil Plc
("Circle" or the "Company")
Directorate Change
Circle Oil Plc (AIM: COP), the Middle East and North Africa focused oil and gas exploration, development and production company, wishes to announce that Professor Chris Green has now resigned as a Director and as Chief Executive Officer of the Company. Professor Green had, as already announced on 11 November 2014, notified the Company of his intention to step down from the Board and resign as Chief Executive Officer. He will continue to provide his services to the Company until 31 October 2015.
The Company also announces that the search for a new Chief Executive Officer to replace Professor Green is now well advanced and an appointment is expected in the near future.
For further information contact:
Circle Oil Plc (+44 20 7638 9571)
Steve Jenkins, Chairman
Investec (+44 20 7597 5970)Chris SimGeorge Price
James Rudd
Liberum Capital Limited (+44 20 3100 2222)Clayton Bush
Citigate Dewe Rogerson (+44 20 7638 9571)Martin JacksonShabnam Bashir
Murray Consultants (+353 1 498 0300)Joe Heron
Pat Walsh
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 producing assets, low-risk, near-term production opportunities, 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 Ras Marmour Permit in southern 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.
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. Through either route the objective would be generation of sustained cash flow for further investment.
Further information on Circle is available on its website at www.circleoil.net.