Circle Oil PLC Operating Update Morocco (8107U)
August 03 2015 - 2:00AM
UK Regulatory
TIDMCOP
RNS Number : 8107U
Circle Oil PLC
03 August 2015
3(rd) August 2015
Circle Oil Plc
("Circle Oil" or the "Company")
Operating Update Morocco
Lalla Mimouna Permit - NFA-1 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 NFA-1 exploration well
on the Lalla Mimouna permit, onshore Morocco.
NFA-1 was the third well drilled by Circle Oil on the Lalla
Mimouna permit and targeted the Miocene sands. TD of the well, at
1,077 metres MD, was reached on 26 July 2015.
The well encountered gas shows whilst drilling at the targeted
depth but the reservoir quality encountered in the well has not met
the Company's pre-drill estimates. Therefore the well will be
plugged and abandoned.
The rig will now be mobilised to drill the Ksiri South (KSS-A)
exploration well in the Sebou permit in the Rharb Basin. This well
is targeting two objectives in the Miocene Gaddari sands.
One of the key objectives of this well is to prove up the
potential of targets with a significant stratigraphic trapping
component. If successful, this will open a new play type for the
Sebou permit with several analogue targets.
The selected location lies approximately 2 km from the existing
Circle Oil owned 8" gas production pipeline to Kenitra and is
ideally positioned for potential production tieback.
Depending on drilling progress rates, initial results of the
well could be available in approximately 30-40 days.
Commenting on the results of the NFA-1 well Mitch Flegg, CEO,
said:
"The NFA-1 exploration well brings to a close the first phase of
drilling on the Lalla Mimouna permit. The drilling performance has
been good and this phase has been finished ahead of schedule. As
planned we will now return to the Sebou permit to continue our
drilling operations there while we interpret the valuable data
gained from the first three Lalla Mimouna wells. We will
incorporate the results of these wells into our in-house subsurface
models in order to identify future drilling targets in Lalla
Mimouna.
In the meantime we look forward to drilling the Ksiri South
(KSS-A) exploration well which has the potential to open up a new
play type for the Sebou permit."
The Sebou permit is a partnership between Circle Oil Maroc
Limited (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 (+353 87 6909735)
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 Oil'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 Oil 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 Oil 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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