Circle Oil PLC Operating Update Tunisia (8993N)

TIDMCOP

RNS Number : 8993N

Circle Oil PLC

31 July 2014

31 July 2014

Circle Oil Plc

("Circle" or the "Company")

Operating Update Tunisia

Mahdia Permit - Exploration Well EMD-1

Further to the announcement of 9 June 2014, Circle Oil Plc (AIM: COP), the Middle East and Africa focused oil and gas exploration, development and production company, provides the following update on the EMD-1 exploration well, offshore Tunisia.

The well was spud on 8 June 2014 and drilled to 753 metres MD after which the 20 inch casing was run and successfully cemented. After running the blow out preventer (BOP) and associated riser it was found that mechanical problems had resulted in damage to the permanent guide base. This was found to be irreparable locally and a replacement permanent guide base has been delivered and installed. The BOP and marine riser are now being re-run ahead of completing drilling to the primary and secondary target horizons expected at 1,260 metres MD and 1,460 metres MD respectively. Circle does not anticipate a material delay to the timing of results for the well.

Further updates will be provided in due course.

For further information contact:

Circle Oil Plc ([phone])

Professor Chris Green, CEO

Investec ([phone])

Chris Sim, George Price, James Rudd

Liberum Capital Limited ([phone])

Clayton Bush, Tim Graham

Citigate Dewe Rogerson ([phone])

Martin Jackson, Shabnam Bashir

Murray Consultants ([phone])

Joe Murray, Joe Heron

 
 Glossary 
 MD         Measured Depth 
 

Notes to Editors

Circle Oil Plc (AIM: COP) is an international oil & gas exploration, development and production Company holding a portfolio of assets in Morocco, Tunisia, Oman, and Egypt with a combination of low-risk, near-term production, and significant upside exploration potential. The Company listed on AIM in October 2004.

Internationally, the Company has continued to expand its portfolio over the past years and now has assets in the Rharb Basin, Morocco; the Grombalia, Ras Marmour and Beni Khaled Permits onshore Tunisia; the Mahdia Permit offshore Tunisia, and the Zeit Bay area of Egypt. Circle also has the largest licensed acreage of any company in Oman. In addition to its prospective Block 52 offshore, Circle 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 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

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