26 May 2011 07:00
26 May 2011
Circle Oil Plc
("Circle" or the "Company")
Operational Update - Morocco
Rharb Basin Seismic Operations and Senior Management Appointment
Circle Oil Plc (AIM: COP) the international oil and gas exploration, development and production company is pleased to provide the following update on its operations in Morocco.
New Seismic Acquisition
Circle is pleased to announce the commencement of surveying work and mobilisation for the new seismic acquisition campaign within our permits in the Rharb Basin, Morocco.
The campaign is scheduled to acquire a further 120 square kilometres of 3D data as well as 24 full fold line kilometres of 2D and is expected to last 4-5 months.
The data will be subsequently processed and interpreted for use in the identification and prioritisation of drilling targets for the third drilling campaign presently scheduled to commence in early 2012.
Senior Management Appointment
Circle is also pleased to announce the appointment of Dr. Mohamed El Mostaine as Operations Manager for Circle Oil Maroc Ltd. Dr. El Mostaine holds a Doctorate in Geology and Petroleum Geology Engineering from the French Institute of Petroleum. He joined the National Office of Hydrocarbons and Mines (ONHYM) in 1981. From 2006 until taking up his position with Circle, Dr. El Mostaine was Director of Exploration Petroleum for ONHYM. He is also a member of the American Association of Petroleum Geologists (AAPG), the Society of Petroleum Engineers (SPE) and is the President of the Moroccan Association of Petroleum Geologists (MAPG).
Dr. El Mostaine will initially manage the new seismic acquisition campaign and contribute to both the planning and technical studies to be produced in preparation for the third drilling campaign in the Rharb Basin.
In combination with other senior Circle staff and our country managers in Morocco, Tunisia and Oman, he will also contribute to identifying, evaluating and securing new business opportunities in Circle's geographic area of interest.
Commenting on the appointment Prof. Chris Green, CEO, said:
"We welcome Mohamed to Circle. With his extensive experience and knowledge of North Africa we look forward to his contribution to Circle's growth."
Glossary:
3D Three dimensional
2D Two Dimensional
For further information contact:
Circle Oil Plc (+44 20 7638 9571)
Professor Chris Green, CEO
Evolution Securities (+44 20 7071 4300)
Chris Sim
Neil Elliot
Fox-Davies Capital (+44 20 3463 5010)
Daniel Fox-Davies
Philip Davies
David Porter
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
Murray Consultants (+353 1 498 0300)
Joe Murray
Joe Heron
Notes to Editors
Circle Oil Plc (AIM: COP) is an international oil & gas exploration, development and production Company with an expanding portfolio of assets in Morocco, Tunisia, Oman and Egypt with a combination of low-risk near-term production and significant exploration upside potential. The Company listed on AIM in October 2004.
Internationally, the Company has continued to expand its portfolio over the past 2 years and now has assets in the Rharb Basin, Morocco; the Ras Marmour Permit in southern Tunisia; the Mahdia Permit offshore Tunisia; the Grombalia Permit in northern Tunisia and the Zeit Bay area of Egypt. Circle also has the largest licence holding of any company in Oman. In addition to its prospective Block 52 offshore, Circle also has an ongoing exploration program in Block 49 onshore.
Circle's strategy is to locate and secure additional licenses 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 itself 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.