Operating Update (3330V)
January 11 2012 - 1:00AM
UK Regulatory
TIDMCOP
RNS Number : 3330V
Circle Oil PLC
11 January 2012
11 January 2012
Circle Oil Plc
("Circle" or the "Company")
Successful Completion of Moroccan Seismic Surveys
Circle Oil Plc (AIM: COP), the international oil and gas
exploration, development and production company, is today pleased
to announce the successful completion of the 2D and 3D seismic
acquisition programme in the Lalla Mimouna and Sebou permits in the
Rharb Basin, Morocco.
A total of 154 square kilometres of 3D seismic data with a 12.5
metre bin size were acquired. In addition, 22 line kilometres of 2D
seismic data were acquired in the Sebou block. The data was
acquired by Prospectuini SA.
Acquisition parameters and shooting techniques were similar to
those which were employed very effectively in the previous 2D/3D
survey, completed in the Sebou permit in 2007/2008, which generated
the targets for the highly successful drilling programs undertaken
in 2008/09 and 2010/11, during which 10 successful wells were
drilled.
Processing of the acquired data has now commenced and
preliminary results indicate the presence of both expected and a
number of additional potential targets for drilling, subject to
further interpretation, in the forthcoming drilling campaigns in
the Rharb permits. The interpretation of the data is expected to be
completed by the end of the first half of 2012.
Circle, through its wholly owned subsidiary, Circle Oil Maroc
Ltd. holds a 75% interest in the Sebou and Lalla Mimouna Permit
Concessions with the remaining 25% held by Office National des
Hydrocarbures et des Mines (ONHYM).
Prof C D Green, CEO, said:
'The successful completion of the Lalla Mimouna and Sebou
seismic survey acquisition, together with the recent completion of
the construction of new infrastructure maintains our momentum in
the Rharb Basin. We will make further announcements on the
prospects once the data has been fully processed and
interpreted.'
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
Richard Hail
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
Kate Lehane
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 two 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 programme in Block 49 onshore.
Circle'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. 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
MSCBMMFTMBABBPT
Circle Oil (LSE:COP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Circle Oil (LSE:COP)
Historical Stock Chart
From Jul 2023 to Jul 2024