Circle Oil PLC Operating Update Morocco (2898R)
June 26 2015 - 2:00AM
UK Regulatory
TIDMCOP
RNS Number : 2898R
Circle Oil PLC
26 June 2015
26 June 2015
Circle Oil Plc
("Circle" or the "Company")
Operating Update Morocco
Lalla Mimouna Permit -LAM-1 Well Update
Circle Oil Plc (AIM: COP), the North African focused oil and gas
exploration, development and production company, is pleased to
provide an update on the progress of the LAM-1 well on the Lalla
Mimouna Permit, onshore Morocco.
LAM-1, the first well drilled by Circle on the Lalla Mimouna
permit, targeted the Miocene gas-bearing sands, similar to the
Sebou Permit to the south of Lalla Mimouna. The TD of the well at
1,541 metres MD was reached on 26 May 2015, prospective gas zones
were logged, a completion string was installed and the rig
relocated to drill the ANS-2 well.
The LAM-1 well was then tested using a slick-line unit following
the release of the rig. The primary target was perforated at
1,261-1,272 metres and flowed gas at a stabilised rate of 1.9
MMscf/d on a 16/64" choke and the secondary target was perforated
at 1,181-1,183 metres MD and flowed at a stabilised rate of 1.1
MMscf/d on a 16/64" choke.
The rig has been mobilised to drill the ANS-2 well, the second
well of Circle's drilling campaign on Lalla Mimouna, located on the
northern flank of the East-West trending Anasba ridge. This well
has a primary target for Miocene gas-bearing sands at 1,007 metres
MD and prognosed TD at 1,062 metres MD. Depending on progress
rates, initial results could be available in approximately 20
days.
Commenting on the results of the LAM-1 well Mitch Flegg, CEO,
said:
"We are delighted that our first well on the Lalla Mimouna Nord
Block has such positive results, flowing gas at significant rates
from both target intervals. The productivity of this first well is
very encouraging for the expansion of Circle's portfolio of Morocco
gas fields."
The Lalla Mimouna permit is a partnership between Circle Oil
Maroc Ltd (75%) and ONHYM (Office Nationale de Hydrocarbures et des
Mines) (25%).
For further information contact:
Circle Oil Plc (+44 20 7638 9571)
Mitch Flegg, Chief Executive Officer
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 0320)
Joe Heron
Pat Walsh
Glossary
MD Measured Depth
TD Total Depth
MMscf/d Millions of standard cubic feet per day
In accordance with the guidelines of the AIM Market of the
London Stock Exchange, Dr Stuart Harker, VP Geology, with over 40
years of 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, 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
MSCPGUPWQUPAGQA
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