Sign In
17 Jun 2008 14:00
ο»Ώ
17Β JuneΒ 2008Β
Β
CIRCLE OIL PLC
("Circle" or the "Company")
OmanΒ Block 49Β First Extension Granted
Circle has completed extensive reprocessing and interpretationΒ of pre-existingΒ seismic and gravity/magneticsΒ data from the Block. The seismic and old well data have alsoΒ been usedΒ as an aid to complete detailed 3D gravity modeling for the permit. The combination of the data sets hasΒ provided further evidence supportingΒ ourΒ geological modelΒ which indicatesΒ the existence of a substantial salt basin in the southern half of Block 49.Β Stratigraphy and geological depositional historyΒ appearΒ to be analogous to theΒ SouthΒ OmanΒ SaltΒ Basin.
In order to image any potential structures within the proposed salt basin and its flanks,Β Circle sought and has been granted permission to merge the two 2DΒ seismicΒ acquisitionsΒ for the original and first extension period into one larger 3D seismic acquisition.Β The acquisition of a closelyΒ sampled 3DΒ seismic surveyΒ will allow imaging of any structures, such as salt stringers within the postulated saltΒ basin. Historically it has been shown that these are not adequately imaged by 2D datasets. Imaging of the flanks of the basinΒ isΒ particularly important as these have also historically been shown to be important areas for hydrocarbon trapping.
The 3DΒ surveyΒ will cover an area of approximately 900 squareΒ kilometers and subsequent processing and analysis will result in the development of any prospects forΒ early drilling.Β
Commenting on the results David Hough,Β CEOΒ ofΒ Circle Oil,Β said:
"The grantingΒ of this permission by the Omani OilΒ & GasΒ MinistryΒ and movement to the first extension period is a major step in preparing the block for intensive seismicΒ surveyingΒ and subsequent drilling. The work completedΒ recentlyΒ by our technical staff has further enhanced our belief in the prospectivity of the southern half of the permit.Β NeighboringΒ wells continue to make substantial discoveries in analogous geological situations and we areΒ veryΒ encouragedΒ by these results. I would like toΒ thank the Omani Ministry of Oil &Β Gas forΒ their interest and support for our work and play concept,Β and forΒ granting the extension to enableΒ us to pursue this exciting area."
Β Β
For further information contact:
Circle Oil plcΒ
David Hough, CEO (+44 20 7638 9571)
Citigate Dewe RogersonΒ (+44 20 7638 9571)
Media enquiries:Β Martin Jackson
Analyst enquiries:Β George Cazenove
Collins Stewart Europe LimitedΒ (+44 20 7523 8350)
Chris Howard
Notes to Editors
Circle Oil
Circle Oil Plc (AIM:Β COP) is an international oil & gas exploration and development company with a growing portfolio of assets inΒ Egypt,Β Morocco,Β Tunisia,Β NamibiaΒ andΒ Oman. The company listed onΒ AIMΒ in October 2004.Β
Circle has the largest licence holding of any company inΒ Oman. In addition to Block 52, the company also has an ongoing exploration program in onshore Block 49. Worldwide, the company is active in exploration in the Owambo Basin, Namibia;Β in theΒ ZeitΒ BayΒ area ofΒ Egypt;Β the Rharb Basin, Morocco; the Ras Mamour Permit in southernΒ TunisiaΒ and Grombalia Permit in northernΒ Tunisia.
The Company's strategy is to locate and secure licences in new 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 itself opt to use its own expertise to appraise reserves and bring assets into production, generating long term cash flow for further investment.
www.circleoil.net
Follow the stocks
