Operational Update - Morocco (3080H)
May 26 2011 - 1:00AM
UK Regulatory
TIDMCOP
RNS Number : 3080H
Circle Oil PLC
26 May 2011
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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