Sign In
26 Feb 2009 10:38
26 February 2009
CIRCLE OIL PLC
("Circle" or the "Company")
Seismic Update
SEISMIC SURVEY COMPLETED IN MAHDIA PERMIT, TUNISIA
Circle Oil plc (AIM:COP), the international oil and gas exploration, development and production company is pleased to announce the successful completion of a 2D marine seismic acquisition programme in the Mahdia Permit offshore Tunisia. A total of 500.75 kilometres of infill full fold 2D seismic data has been acquired by PGS Marine. The acquired data will now be sent for processing as a precursor to its interpretation and integration into the existing datasets for the area.
The Mahdia Permit is situated off the northern coast of Tunisia and covers an area of 3,780 square kilometres. Historically this and the surrounding area was successfully explored by Shell and Total resulting in discoveries and commercial oilfields such as Tazerka, Birsa, Oudna, Halk Al Menzel and Isis. Circle holds a 70% working interest in the permit with its partner Tethys Oil and Mining Inc. holding the remaining 30% interest. A commitment well must be drilled on the permit between now and mid 2012.
Commenting David Hough, CEO Circle Oil, said:
"The onboard preliminary processing of the acquired data clearly shows the target sequences and we are very pleased to progress our studies in this prospective area. The integration of this new data will allow us to complete our mapping and prioritise the multiple undrilled prospects which have already been mapped from the existing datasets."
For further information contact:
Circle Oil plc (+44 20 7638 9571)
David Hough, CEO
Collins Stewart Europe Limited (+44 20 7523 8350)
Adrian Hadden/Adam Cowen
Fox-Davies Capital (+44 20 7936 5230)
Daniel Fox-Davies
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
Notes to Editors
Circle Oil Plc
Circle Oil Plc (AIM: COP) is an international oil & gas exploration and development Company with an expanding portfolio of assets in Morocco, Tunisia, Oman, Egypt and Namibia with a combination of low-risk 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 Mamour Permit in southern Tunisia; the Mahdia Permit offshore Tunisia; the Grombalia Permit in northern Tunisia; the Zeit Bay area of Egypt and the Owambo Basin, Namibia. Circle also has the largest licence holding of any Company in Oman. In addition to its highly prospective Block 52 offshore, the Company also has an ongoing exploration program in Block 49 onshore.
The Company'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 Oil is available on its website at www.circleoil.net
Follow the stocks
