Circle Oil Plc Regulatory News (COP)

21 Nov 2007 12:02

Circle Oil PLC21 November 2007 21 November 2007 CIRCLE OIL PLC ("Circle" or the "Company") COMPLETION OF DRILLING AND LOGGING ON ZITA-1 WELL Circle Oil plc (AIM:COP), the international oil and gas exploration anddevelopment company, is pleased to announce the completion of drilling andlogging of the Zita-1 exploration well on the Zita Prospect in the Ras MamourPermit, southern Tunisia (23% working interest). The well has encounteredhydrocarbon shows with good fluorescence seen in cuttings in multiple zones andoil returning to the surface. The initial log interpretation has givensufficient evidence to warrant full testing which is scheduled to take placebefore the end of this year. Until testing is completed no final conclusionscan be drawn on the results of the well. A further news release will be issuedonce testing and the analysis and interpretation of the results is completed. Commenting David Hough, CEO of Circle Oil, said: "We are encouraged by the initial results of the Zita-1 well. Although the wellhas been difficult to drill, we have encountered shows of hydrocarbons atmultiple levels. The log data is now being analysed to finalise the testingprogramme. If testing and evaluation are successful we hope that this would befollowed by an early appraisal well programme." For further information contact: Circle Oil plcDavid Hough, CEO (+44 20 7638 9571) Citigate Dewe Rogerson (+44 20 7638 9571)Media enquiries: Martin JacksonAnalyst enquiries: George Cazenove Collins Stewart Europe Limited (+44 20 7523 8350)Chris Howard Notes to Editors Circle Oil Circle Oil plc (AIM: COP) is an international oil & gas exploration anddevelopment company with a growing portfolio of assets in Morocco, Tunisia,Namibia, Oman and Panama. The company listed on AIM in October 2004. Circle has the largest licence holding of any company in Oman. In addition toBlock 52, the company also has an ongoing exploration program in onshore Block49. Worldwide, the company is active in exploration in the Owambo Basin,Namibia; in the Caribbean Sea, offshore Panama; the Rharb Basin, Morocco; theRas Mamour Permit in southern Tunisia and Grombalia Permit in northern Tunisia. The Company's strategy is to locate and secure licences in new hydrocarbonprovinces and through targeted investment programmes, monetise the value inthose assets for the benefit of shareholders. This could be achieved throughfarm-outs to selected partners who would then invest in and continue thedevelopment of the asset into production, or Circle may itself opt to use itsown expertise to appraise reserves and bring assets into production, generatinglong term cash flow for further investment. www.circleoil.net This information is provided by RNS The company news service from the London Stock Exchange