Circle Oil Plc Regulatory News (COP)

31 Jul 2007 07:01

Circle Oil PLC31 July 2007 APPOINTMENT OF COUNTRY MANAGER IN TUNISIA The Board of Circle Oil plc is pleased to announce the appointment of Mr. AliChine as its Country Manager in Tunisia. Mr. Chine, a petroleum geologist, has worked most of his career for EnterpriseTunisienne d'Activities Petrolieres (ETAP), the Tunisian State oil company. Hewas its president and CAO from 2003 to 2004 and was energy advisor to theTunisian Minister of Industry and Energy from 2004 until his retirement in April2007. Throughout his career Mr. Chine was a Board or General Member of a number ofTunisian professional organisations, particularly in the petroleum sector. Hisappointment to the Circle team brings to the Company a wealth of knowledge ofall aspects of the Tunisian, African and near Middle Eastern oil industry. Mr.Chine will run Circle's Tunisian operations out of its offices in Gammarth, nearTunis. Commenting on this appointment, Circle director, Prof. Chris Green, said: "We are delighted to welcome Ali to Circle. His extensive experience andknowledge of the E&P business further enhances the team as we move into the nextphase of the Company's development." Enquiries Circle Oil plcDavid Hough, CEO (+44 20 7638 9571) Citigate Dewe Rogerson (+44 20 7638 9571)Media enquiries: Martin JacksonAnalyst enquiries: George Cazenove Notes to Editors 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. In June 2007, Circle raised US$30 million of new funds from Kuwait-based, KGLPetroleum Company through a convertible loan agreement. 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