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Circle Oil Updates its Operations in Egypt

Source: www.gulfoilandgas.com 3/7/2013, 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.

AASE-14X ST Well
The infill production well AASE-14X ST, located centrally in the field midway between AASE-1X ST and AASE-12X ST, encountered 20 ft MD of gross oil-bearing Shagar sand (9,610-9,630 ft MD) with 16 ft MD net pay, plus 15 ft MD of gross oil-bearing Rahmi sand (9,680-9,695 ft MD) with 13 ft MD net pay, with a total depth of 10,000 ft MD.

The well has been completed as a Rahmi producer and the initial test rate was 3,486 bopd and 3.18 MMscf/d through a 48/64" choke. The well has been put on production and the stabilised rate on 5 March 2013 was 1,333 bopd and 1,359 MMscf/d through a 28/64" choke.

The rig has been released from this well and moved to commence drilling AASE-16X, a water injector located in the central western area of the field.

Gross production from the AASE and Geyad fields is currently 9,600 bopd and 10,000 MMscdf/d (11,420 boepd). Cumulative production from the NW Gemsa Concession has now exceeded 10.7 million barrels of 42 degree API Crude oil.

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

The concession agreement includes the right of conversion to a production licence of 20 years, plus extensions, in the event of commercial discoveries. 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 positive flow rates from the Rahmi sands of the AASE-14X ST well, where the upside of the Shagar sands remains a target for future production. The rig has been moved to drill the AASE-16X water injector well, which was spud in early March."

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects

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