Circle Oil PLC Lalla Mimouna - Spudding of LAM-1 Well (9526M)
May 12 2015 - 10:30AM
UK Regulatory
TIDMCOP
RNS Number : 9526M
Circle Oil PLC
12 May 2015
12 May 2015
Circle Oil Plc
("Circle" or the "Company")
Operating Update Morocco
Lalla Mimouna Permit - Spudding of LAM-1 Well
Circle Oil Plc (AIM: COP), the Middle East and North Africa
focused oil and gas exploration, development and production
company, is pleased to announce the spudding of LAM-1 well on the
Lalla Mimouna Permit, onshore Morocco.
LAM-1 is the first well to be drilled by Circle on the Lalla
Mimouna permit and is located in the central part of the permit on
the east-west trending Anasba Ridge, within the existing 3D seismic
area.
The well is targeting the Miocene gas-bearing sands, similar to
the Sebou discoveries made previously by Circle in the Sebou Permit
to the south of Lalla Mimouna. The primary target sands are
prognosed at a depth of 1,231 metres MD and the TD of the well at
1,521 metres MD. Depending on progress rates the well is expected
to take between 14 - 20 days to drill.
The Lalla Mimouna permit is a partnership between Circle Oil
Maroc Ltd (75%) and ONHYM (Office Nationale de Hydrocarbures et des
Mines) (25%).
Glossary
MD Measured Depth
TD Total Depth
For further information contact:
Circle Oil Plc (+44 20 7638 9571)
Steve Jenkins, Chairman
Investec (+44 20 7597 5970)
Chris Sim
George Price
James Rudd
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
Shabnam Bashir
Murray Consultants (+353 1 498 0300)
Joe Heron
Pat Walsh
In accordance with the guidelines of the AIM Market of the
London Stock Exchange, Dr Stuart Harker, VP Geology, with over 40
years experience, is the qualified person as defined in the London
Stock Exchange's Guidance Note for Mining and Oil and Gas
companies, who has reviewed and approved the technical information
contained in this announcement. Dr. Harker holds a BSc (Hons) in
Geology from the University of London (UK) and an MSc and PhD from
the University of Saskatchewan, Canada. He is also a Fellow of the
Geological Society of London and a Chartered Geologist.
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 Ras Marmour Permit in southern 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
END
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