Circle Oil Plc Regulatory News (COP)

10 Jan 2007 07:00

Circle Oil PLC10 January 2007 CIRCLE OIL PLC ("Circle" or the "Company") Marine Seismic Data Acquisition Oman Offshore - Block 52 Circle Oil plc (AIM: COP), the international oil & gas exploration anddevelopment company with a growing portfolio of assets in Morocco, Namibia, Omanand Panama, today announces that in conjunction with TGS-Nopec GeophysicalCompany work is progressing according to plan on the acquisition ofapproximately 6,000 kilometers of 2D seismic data over Block 52, offshore Oman.The signing of the contract for this survey with TGS-Nopec was noted inSeptember 2006. The survey is being acquired by the Russian research vessel Akademik Lazarev,and is expected to take approximately two months to complete. The survey willalso include the acquisition of shipborne gravity and magnetic data. The interpretation of this new data will be instrumental in further delineatingexisting plays previously defined by Circle throughout the past year. Theseinclude an untested, inboard basin play of probable salt-related Infracambrianto Paleozoic-aged objectives, a sub-ophiolite play and a Tertiary-aged turbiditeplay. Block 52 is located off the southwestern coast of the Sultanate of Oman andextends some 600 kilometers northeast from the Yemeni border. The Block alsoextends offshore approximately 150 kilometers. Circle has the exclusive right toexplore for oil and gas within the block, which has an aerial extent of 90,760square kilometers. Circle has the largest license holding of any company inOman. In addition to Block 52, the company also has an ongoing explorationprogram in onshore Block 49. TGS-Nopec has the right to market acquired data to third parties for any area ofBlock 52 that Circle ultimately relinquishes. However, Circle is entitled to apre-defined share of any revenue from the sale of such data. Commenting on progress of the survey David Hough CEO of Circle Oil said: "The offshore Oman survey sees Circle entering the next stage of its explorationstrategy in this highly prospective area. The results of our re-interpretationprogramme have revealed at least three new target plays. The addition of the newdata will firm up our understanding of this prospective Block and will put us ina position to generate leads for future drilling." Enquiries (+44 20 7638 9571): Circle Oil plc (+44 20 7638 9571) David Hough, CEO Citigate Dewe Rogerson (+44 20 7638 9571) Media enquiries: Martin Jackson Analyst enquiries: Nina Soon Also www.circleoil.com Note to Editors Circle Oil is an international oil and gas exploration and development companywith existing licence operations in Oman, Namibia, Morocco and Panama. Itsstrategy is to locate and secure licences and through targeted investmentprogrammes, monetise the value in those assets for the benefit of shareholders.This will be achieved through farm-outs to selected partners who can then investin and continue the development of the asset into production. In low risk,near-term projects Circle may itself opt to use its own expertise to appraisereserves and bring assets into production, generating long term cash flow forfurther investment. The company listed on AIM in October 2004. This information is provided by RNS The company news service from the London Stock Exchange