Circle Oil Plc Regulatory News (COP)

17 Aug 2006 07:00

Circle Oil PLC17 August 2006 CIRCLE OIL PLC ("Circle" or the "Company") Aerogravity & Aeromagnetic Survey Completed on Oman Block 49 Circle Oil plc (AIM: COP), the international oil and gas exploration anddevelopment group, is pleased to announce that Circle Oil Oman Ltd, itswholly-owned subsidiary and Fugro Aerosurveys, Johannasburg, S.A. havesuccessfully completed a 4800 kilometer airborne survey of the gravity andmagnetic fields over Block 49 in western Oman. The highly-accurate,Russian-made GT1-A gravimeter was utilized and the results of preliminaryprocessing are very encouraging. Block 49 is on the southern edge of the Rub al Khali Basin and on the easternflank of the Ghudun Salt Basin. Circle has the exclusive right to explore foroil and gas on the 15,438 square-kilometer block. Analysis of the gravity and magnetic data will be integrated with ongoingstudies to facilitate the design of a 2D seismic survey, which depending on theavailability of a suitable survey team, is scheduled to commence in early 2007.Preliminary analysis already indicates that the eastern edge of a postulatedInfraCambrian salt basin, analogous to the nearby highly-oil productive SouthOman Salt Basin, extends into Block 49. Commenting on the survey, Dr. Bob LoPiccolo, Vice President Exploration forCircle Oil, said: "The successful completion of this survey marks a significant first step inCircle's aggressive exploration effort on its onshore Oman concession. The datafills a critical gap in our knowledge of the geometry of the Ghudun Basin andwill be valuable to us in designing the forthcoming 2D seismic programme" Circle also has active exploration programs in Block 52 offshore Oman, in theOwambo Basin, Namibia, in the Caribbean Sea, offshore Panama and in the RharbBasin, Morocco. Enquiries: Circle Oil plcDavid Hough, CEO (+44 20 7638 9571)Dr Bob LoPiccolo, VP Exploration (+1 281 920 0055) Citigate Dewe Rogerson (+44 20 7638 9571)Media enquiries: Martin Jackson/George CazenoveAnalyst enquiries: Nina Soon Also www.circleoil.com This information is provided by RNS The company news service from the London Stock Exchange