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Circle Oil Announces Preliminary Results in 2012

Source: www.gulfoilandgas.com 5/13/2013, Location: Middle East

Circle Oil Plc, the international oil and gas exploration, development and production company, is pleased to announce its results for the year ended 31 December 2012. Circle operates two concessions in Oman, the onshore Block 49 and the offshore Block 52.

Circle conducted a large 3D seismic survey over an area of approximately 900 sq km in south western onshore Block 49 in 2010. Following processing, interpretation of the resultant data was completed. This led to the decision to acquire more 2D seismic to the north of the 3D area to better define drillable prospects. Circle was granted an extension of 18 months to the exploration period for the onshore Block 49 from 26 December 2012 to 26 June 2014. Circle acquired an additional 2D dataset of 2,306 line kilometres of closely spaced 2D seismic survey in 2012 in the south-eastern part of the permit, north-east of and adjacent to the 3D survey which was completed in 2010. Interpretation of the processed data is underway in order to plan to commence drilling an exploration well in the next 12 months.

For the offshore Block 52, Circle has interpreted an additional 5,027 line kilometres of 2D seismic data that infilled the leads in three areas of Block 52 and has firmed the outer Sawqirah Bay (a virgin basin) leads into drillable prospects. In addition three large leads were recognised in the inner, nearshore, shallow water part of Sawqirah Bay and additional infill 2D seismic is presently at tender and planned for acquisition in 2013 to firm these leads into drillable prospects. The farm-out process has been re-invigorated, brochures prepared and a data room set up with presentations having taken place at recognised industry events in February and March 2013. Subsequently a number of companies have shown interest and reviews by those companies will be scheduled as necessary with the objective of obtaining a partner to drill an exploration well.

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