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Circle Updates the Operation of NW Gemsa Concession

Source: www.gulfoilandgas.com 8/28/2012, Location: Africa

Circle Oil Plc, the international oil and gas exploration, development and production company, is pleased to announce the following update regarding the Al Amir SE field ("AASE") and the Geyad field.

Al Ola-3 Well
Water injection well Al Ola-3 was spudded on 16 July 2012 and is located in the southern part of the AASE field, downdip of and to support the oil production from the Al Ola-1 and Al Ola-2, AASE-12ST and AASE-1X production wells, respectively and is located 870 metres to the south of the Al-Ola-1 well and 1,445 metres south-east of Al-Ola-2 well. The well's objective was to appraise both the Shagar and Rahmi sands for water injection in that location. The well was successfully drilled to a total depth of 10,550 ft MD into the Upper Rudeis. The well encountered 18 ft of net reservoir in the Kareem Shagar sand (between 10,164-10,182 ft MD) and 20 ft of net reservoir in the Rahmi sand (between 10,232-10,252 ft MD), with high water saturations present to the base of the reservoir as expected. Formation pressure tests in the Kareem sands of Al Ola-3 indicate fluid communication in this southern extent of the AASE field. The well will be dually completed as a Shagar and Rahmi water injector.

Geyad-6 Well
Following the successful completion of the Al OIa-3 well, the rig will drill the infill production well Geyad-6, in the south central part of the Geyad field.

Production and Injection
Currently production from the AASE, Geyad and Al Ola fields is approximately 9,100 bopd (gross) varying to date in August 2012 within the range 9,000-10,000 bopd. Cumulative production from the NW Gemsa Concession has now exceeded 8.9 million barrels of 42 degree API Crude oil. Water is currently being injected at a rate of approximately 22,000 barrels per day, with a cumulative injection to date of approximately 5.4 million barrels.

The NW Gemsa Concession, containing the Al Amir, Geyad and Al Ola Development Leases, covering an area of over 260 square kilometres, lies approximately 300 kilometres south-east of Cairo in a partially unexplored area of the Gulf of Suez Basin.

In the event of commercial discoveries, the concession agreement includes the right of conversion to a production licence of 20 years plus extensions. The NW Gemsa Concession partners include: Vegas Oil and Gas (50% interest and operator); Circle Oil Plc (40% interest) and Sea Dragon Energy (10% interest).

Prof Chris Green, CEO, said:

"Circle is very pleased with the results of the Al Ola-3 well, which will be completed as a water injector to support the oil production from the updip Al Ola-1 and Al Ola-2 wells. This well result further proves up the southern extent and pressure communication of the AASE field and will add to the ultimate recovery from the field. The rig will now drill the Geyad-6 well, which is intended as a central infill producer for the Geyad field, and is part of the overall plan to improve the productivity of the NW Gemsa accumulations."

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