Circle Oil Plc Regulatory News (COP)

1 Apr 2008 12:06

Circle Oil PLC01 April 2008 01 APRIL 2008 CIRCLE OIL PLC ("Circle" or the "Company") TUNISIA DRILLING UPDATE Circle Oil Plc (AIM: COP), the international oil and gas exploration anddevelopment group, is today pleased to announce the commencement of drillingoperations on its Zita-1 Sidetrack well in the Ras Mamour Concession, Tunisia(23% working interest). Drilling commenced later than scheduled due to sitepreparations and continuing pressure on the availability of directional drillingand gyro equipment. Directional drilling is being carried out byDowell-Schlumberger. Further announcements will be made as appropriate. David Hough, CEO of Circle Oil, commented: "I am delighted that drilling of the Zita-1 sidetrack is now underway. With theAl-Amir SE-1 exploration well in Egypt, which was spudded in March, Circle hasan interest in two wells currently being drilled." For further information contact: Circle Oil plcDavid Hough, CEO (+44 20 7638 9571) Citigate Dewe Rogerson (+44 20 7638 9571)Media enquiries: Martin JacksonAnalyst enquiries: George Cazenove Collins Stewart Europe Limited (+44 20 7523 8350)Chris Howard Notes to Editors Circle Oil Circle Oil Plc (AIM: COP) is an international oil & gas exploration anddevelopment company with a growing portfolio of assets in Egypt, Morocco,Tunisia, Namibia, Oman and Panama. The company listed on AIM in October 2004. 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; the Rharb Basin, Morocco; theRas Mamour Permit in southern Tunisia and Grombalia Permit in northern Tunisia. The Company's strategy is to locate and secure licences in new hydrocarbonprovinces and through targeted investment programmes, monetise the value inthose assets for the benefit of shareholders. This could be achieved throughfarm-outs to selected partners who would then invest in and continue thedevelopment of the asset into production, or Circle may itself opt to use itsown expertise to appraise reserves and bring assets into production, generatinglong term cash flow for further investment. www.circleoil.net This information is provided by RNS The company news service from the London Stock Exchange