Circle Oil Plc Regulatory News (COP)

18 Mar 2008 10:29

Circle Oil PLC18 March 2008 18 MARCH 2008 CIRCLE OIL PLC ("Circle" or the "Company") EGYPT DRILLING UPDATE Circle Oil plc (AIM: COP), the oil and gas exploration and development group, istoday pleased to announce the commencement of drilling operations on its Al-AmirSE-1 exploration well in the NW Gemsa Concession, Egypt (40% working interest).The drilling has commenced later than scheduled due to late delivery of thedrilling rig. As previously announced on 29 January 2008, the exploration wellis targeting the Nubia Sandstone at a prognosed depth of 12,870 feet. Further announcements will be made as appropriate. For further information contact: Circle Oil plc David Hough, CEO (+44 20 7638 9571) Citigate Dewe Rogerson (+44 20 7638 9571) Media enquiries: Martin Jackson Analyst 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 Egypt, 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