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Circle Oil Announced its Updates in NW Gemsa

Source: www.gulfoilandgas.com 6/24/2013, 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 in Egypt.

AASE-17 Well
AASE-17 was spud on 17 April 2013 and is located in the central western part of the AASE field, 200 metres south-west of the AASE-14ST Rahmi sand producer. The well's objective was to appraise both the Shagar and Rahmi sands, and for Shagar sand production at that location. This well was sidetracked for geological reasons on 16 May 2013 and was successfully drilled to a total depth of 9,905 feet MD into the Upper Rudeis. It encountered 12 feet of net reservoir in the Kareem Shagar sand (gross interval 9,561 to 9,579 feet MD) and an additional 16 feet of net reservoir in the underlying Rahmi sand. The Shagar sand interval has been perforated and the well flowed oil and gas on test on 17 June 2013 at an average rate of 3,665 bopd and 1.4 MMscf/d respectively, on a 48/64" choke. The well is now producing following completion of testing at an initial rate of 1,134 bopd and 1.31 MMscf/d on a 24/64" choke.

The initial total daily production rate from the AASE and Geyad fields following connection of the AASE-17 well is now standing at 11,038 bopd and 11.6 MMscf/d (2,118 boepd).

Shehab-2 Well
The rig was released to drill an exploration well, Shehab-2, located updip of the Shehab-1 well, which encountered water bearing Kareem sands. This prospect has been remapped using the reprocessed 3D seismic data and an updip prospective closure, similar in size to the adjacent Geyad field. It is to be tested with the Shehab-2 well which was spud on 19 June 2013 and is expected to take 25-30 days to complete.

Production
Gross oil production from the AASE and Geyad fields averaged 10,631 bopd through May 2013. Cumulative production from the NW Gemsa Concession has now exceeded 11.8 million barrels of 42 degree API Crude oil.

The overall production rate of 13,000 boepd (oil plus gas) for the AASE and Geyad fields represents an increase of 30% from the start-up of gas production in 2013.

Water Injection
Water injection in the Al Amir SE and Geyad fields is currently about 28,000 bwpd and the cumulative injection to date is about 10.7 MMbw.

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:
"This well has provided additional Shagar production potential to complement our impressive 2013 production rates. Circle's net share of production has been in excess of 4,000 bopd since early April, with gas adding a further net 4.6 MMscf/d (837 boepd). The rig has now been relocated to the north of the Geyad permit to drill Shehab-2, an exploration well updip of the Shehab-1 well. If successful the well has the potential to further add to both our reserves and daily production levels."



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