Circle Oil PLC Operating Update Morocco (9298S)
July 14 2015 - 2:00AM
UK Regulatory
TIDMCOP
RNS Number : 9298S
Circle Oil PLC
14 July 2015
14 July 2015
Circle Oil Plc
("Circle" or the "Company")
Operating Update Morocco
Lalla Mimouna Permit - ANS-2 Well Update
Circle Oil Plc (AIM: COP), the North African focused oil and gas
exploration, development and production company, provides the
following information on the progress of the ANS-2 exploration well
on the Lalla Mimouna permit, onshore Morocco.
ANS-2 was the second well drilled by Circle on the Lalla Mimouna
permit, following the successful LAM-1 well. The ANS-2 well
targeted the Miocene sands and the TD of the well, at 1,070 metres
MD, was reached on 29 June 2015.
Although the well encountered gas shows whilst drilling at the
targeted depth, the interpretation of wireline logs indicates that
the reservoir quality encountered in the well has not met the
Company's pre-drill estimates. Therefore the well has been
suspended pending further analysis of all the data before a
decision is made on whether or not to complete the well.
The rig is now being mobilised to drill the NFA-1 exploration
well, the third well of our drilling campaign on Lalla Mimouna. The
NFA-1 structure is located in the southern part of the Lalla
Mimouna Nord Permit and is a downthrown location along the
North-South trending Menadra fault in the south-eastern area of the
Lalla Mimouna 3D survey. The well is targeting two potentially
gas-bearing zones in the Miocene sands.
The targets exhibit strong seismic amplitude anomalies,
attributed to gas filled porous sands, analogous to those proven by
the successful drilling of similar features in the Sebou permit to
the south. Depending on progress rates, initial results could be
available in approximately 30-40 days.
Commenting on the results of the ANS-2 well Mitch Flegg, CEO,
said:
"The ANS-2 exploration well has provided important data to help
further our understanding of the Lalla Mimouna permit. We will now
interpret this along with the results from the recent successful
LAM-1 well test before we decide on whether to complete and test
ANS-2. Meanwhile we look forward to the continuation of the
drilling campaign in the Lalla Mimouna Nord and Sebou Blocks."
The Lalla Mimouna permit is a partnership between Circle Oil
Morocco Ltd (75%) and ONHYM (Office National des Hydrocarbures et
des Mines) (25%).
Glossary
MD Measured Depth
TD Total Depth
For further information contact:
Circle Oil Plc (+44 20 7638 9571)
Mitch Flegg, Chief Executive Officer
Investec (+44 20 7597 4000)
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 the technical information contained in the
announcement has been reviewed and approved by Mitch Flegg, Chief
Executive Officer of Circle Oil Plc. Mitch Flegg, who has over 33
years of experience, is the qualified person as defined in the
London Stock Exchange's Guidance Note for Mining and Oil and Gas
companies,
Mitch Flegg holds a BSc in Physics from Birmingham University
and is a member of the Society of Petroleum Engineers (SPE) and the
Petroleum Exploration Society of Great Britain (PESGB).
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, 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 assets in the Rharb Basin,
Morocco; the Ras Marmour Permit in southern Tunisia; the Beni
Khalled permit in northern Tunisia, the Mahdia Permit offshore
Tunisia and the NW Gemsa permit in Zeit Bay area of Egypt.
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
DRLGGUUPMUPAPGW
Circle Oil (LSE:COP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Circle Oil (LSE:COP)
Historical Stock Chart
From Apr 2023 to Apr 2024