Circle Oil PLC Operating Update Morocco (5839H)
March 16 2015 - 12:55PM
UK Regulatory
TIDMCOP
RNS Number : 5839H
Circle Oil PLC
16 March 2015
16 March 2015
Circle Oil Plc
("Circle" or the "Company")
Operating Update Morocco
Morocco Sebou Permit -Exploration Well KAB-1bis
Circle Oil Plc (AIM: COP), the Middle East and North Africa
focused oil and gas exploration, development and production
company, provides the following information on the drilling of the
KAB-1bis well in the Sebou Permit, onshore Morocco.
The well, located downthrown tothe north-west/south-east
trending N'zala Fault in the north-western area of the Sebou 3D
survey, spudded on 4 February 2015. The 2010 KAB-1 well had
encountered gas shows in the target Miocene Guebbas sands, but
problematic swelling clays created borehole instability and the
well could not be logged or tested. KAB-1bis had the same target
sands and was drilled with an adapted mud system to minimise
drilling problems in a slightly more updip location. The primary
target Guebbas sands were absent down to a TD of 1,410 metres MD
and it was decided to plug and abandon the well. This result
indicates that the gas shows encountered in the Guebbas sands in
the KAB-1 well were of a very limited extent.
The rig has been released to complete and test the SAH-W1 well
on the western area of the Sebou Permit. The SAH-W1 well
encountered three gas bearing Guebbas sands, but could not be
completed as a non-standard 4.5 inch liner was needed. It is
planned to produce the three zones sequentially from the bottom up,
where the highest pressure is present.
Commenting on the results of the KAB-1bis well Steve Jenkins,
Chairman, said:
"Although the result of the KAB-1bis well is disappointing, the
well was targeting a smaller incremental accumulation. We look
forward to the results of testing of the SAH-W1 well and
continuation of the drilling campaign on the Sebou and Lalla
Mimouna Nord Blocks."
Glossary
MD Measured Depth
TD Total Depth
For further information contact:
Circle Oil plc (+44 20 7638 9571)
Steve Jenkins
Investec (+44 20 7597 5970)
Chris Sim
George Price
James Rudd
Liberum Capital Limited (+44 20 3100 2222)
Clayton Bush
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
Shabnam Bashir
Murray Consultants (+353 1 498 0320)
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. 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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