Circle Oil Plc Regulatory News (COP)

1 Mar 2007 07:07

Circle Oil PLC01 March 2007 1 March 2007 CIRCLE OIL PLC ("Circle" or the "Company") SUCCESSFUL COMPLETION OF OFFSHORE OMAN SEISMIC SURVEY Circle Oil plc (AIM:COP), the international oil and gas exploration anddevelopment company, is pleased to announce the successful completion of its6,300 kilometre seismic survey over Block 52, in the Arabian Sea, off thesouthwestern coast of Oman. The acquisition of the 2-D seismic data was carriedout by TGS-Nopec Geophysical Company who have already commenced processing ofthe data prior to its interpretation by Circle. Block 52, which was awarded to Circle as a nine year exploration licence in2005, covers an area of over 90,000 square kilometres and extends approximately150 kilometres offshore. The survey was designed to focus on and furtherevaluate three different plays which have been identified by the Company'sassessment of historical data from the block. Data processing is expected to be completed over the coming months. Preliminaryonboard processing has already shown the data to be of good quality. Finalprocessing, including modern routine pre-stack procedures, is expected to yielda good quality dataset. Initial interpretation of the data by Circle'sspecialist team and its incorporation into the existing dataset is scheduled tostart in early summer 2007, following which the next phase of the explorationprogramme will be confirmed. Commenting on today's announcement, David Hough, Chief Executive of Circle said; "The successful completion of the Oman Block 52 seismic survey is a significantstep forward for Circle. We are now working to finish the processing of the dataso that our specialist interpretation team can advance the exploration of thisoffshore Block and its interesting though untested play concepts." Enquiries: Circle Oil plcDavid Hough, CEO (+44 20 7638 9571) Citigate Dewe Rogerson (+44 20 7638 9571)Media enquiries: Martin Jackson/George CazenoveAnalyst enquiries: Nina Soon 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 and in the Rharb Basin, Morocco. This information is provided by RNS The company news service from the London Stock Exchange