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31 Jan 2011 15:18
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31 January 2011
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Circle Oil Plc
("Circle" or the "Company")
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Update - Egypt
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Circle Oil Plc (AIM: COP), the international oil and gas exploration, development and production company confirms that its operations and oil production in the NW Gemsa Concession (40% Working Interest) remain unaffected by current events in Egypt. The Company continues to monitor the situation in Egypt and further updates will be made as appropriate.
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For further information contact:Β
Circle Oil Plc (+44 20 7638 9571)Professor Chris Green,Β CEO
Evolution Securities (+44 20 7071 4300)Rob CollinsChris SimNeil Elliot
Fox-Davies Capital (+44 20 7936 5230)Daniel Fox-Davies
Philip Davies
David Porter
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Citigate Dewe Rogerson (+44 20 7638 9571)Martin JacksonGeorge Cazenove
Murray Consultants (+353 1 498 0320)Joe MurrayJoe Heron
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Notes to Editors
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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 producing, low-risk near-term production and acreage with significant upside exploration potential. The Company listed on AIM in October 2004.
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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 offshore Block 52, the Company also has an ongoing exploration program in Block 49 onshore.
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The Company's strategy is to locate and secure additional licences in prospective hydrocarbon provinces and through targeted investment programmes, monetise the value in those assets for the benefit of shareholders. Circle may use its own expertise to appraise reserves and bring assets into production, generating sustained cash flow for further investment. In addition it may seek farm-outs to selected partners who would then invest in the exploration and continue through to the development of the assets for production.
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Further information on Circle is available on its website at www.circleoil.net.
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