12 May 2015 15:30
12 May 2015
Circle Oil Plc
("Circle" or the "Company")
Operating Update Morocco
Lalla Mimouna Permit - Spudding of LAM-1 Well
Circle Oil Plc (AIM: COP), the Middle East and North Africa focused oil and gas exploration, development and production company, is pleased to announce the spudding of LAM-1 well on the Lalla Mimouna Permit, onshore Morocco.
LAM-1 is the first well to be drilled by Circle on the Lalla Mimouna permit and is located in the central part of the permit on the east-west trending Anasba Ridge, within the existing 3D seismic area.
The well is targeting the Miocene gas-bearing sands, similar to the Sebou discoveries made previously by Circle in the Sebou Permit to the south of Lalla Mimouna. The primary target sands are prognosed at a depth of 1,231 metres MD and the TD of the well at 1,521 metres MD. Depending on progress rates the well is expected to take between 14 - 20 days to drill.
The Lalla Mimouna permit is a partnership between Circle Oil Maroc Ltd (75%) and ONHYM (Office Nationale de Hydrocarbures et des Mines) (25%).
Glossary
| |
MD | Measured Depth |
TD | Total Depth |
For further information contact:
Circle Oil Plc (+44 20 7638 9571)
Steve Jenkins, Chairman
Investec (+44 20 7597 5970)Chris SimGeorge Price
James Rudd
Citigate Dewe Rogerson (+44 20 7638 9571)Martin JacksonShabnam Bashir
Murray Consultants (+353 1 498 0300)Joe Heron
Pat Walsh
In accordance with the guidelines of the AIM Market of the London Stock Exchange, Dr Stuart Harker, VP Geology, with over 40 years experience, is the qualified person as defined in the London Stock Exchange's Guidance Note for Mining and Oil and Gas companies, who has reviewed and approved the technical information contained in this announcement. Dr. Harker holds a BSc (Hons) in Geology from the University of London (UK) and an MSc and PhD from the University of Saskatchewan, Canada. He is also a Fellow of the Geological Society of London and a Chartered Geologist.
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 low-risk, near-term production, 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. In addition to its prospective Block 52 offshore, Circle has an ongoing exploration programme in Block 49 onshore.
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, generating sustained cash flow for further investment.
Further information on Circle is available on its website at www.circleoil.net.