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Circle Oil Provides Operational Updates in Egypt

Source: www.gulfoilandgas.com 9/10/2013, 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-18 Well
AASE-18 was spud on 7 July 2013 and is located in the north-western part of the AASE. The well encountered the Kareem sands over 200 feet high to prognosis with 34 feet of net pay in the Shagar and 32 feet of net pay in the Rahmi, both zones of good reservoir quality. Following successful logging, the well has been tested and completed as a Rahmi producer. Rahmi perforations between 9,757-9,797.5 feet MD were completed on 30 August 2013 and the well was put onto multi rate testing and pressure build up on 31 August. The flow test on a 48/64" choke produced at a rate of 1,952 bopd and 1.821 MMscf/d of gas (331boepd). Following a pressure build up, the well was connected for production with an initial flow rate on a 18/64" choke of 1,056 bopd of 42 degree API crude oil and 0.907 MMscf/d of gas (165 boepd).

AASE-15 Well
AASE-15 was spud on 23 August 2013, located in the north-western part of the field, downdip of and 800 metres north-west of Rahmi producer AASE18. This well is planned as a vertical hole to appraise the Shagar and Rahmi sands and, depending on reservoir quality and hydrocarbon saturation, may be completed as a Rahmi injector or a Shagar producer.

Production
The current gross daily production rate from the AASE and the Geyad Field is now standing at 11,234 bopd and 12.54 MMscf/d (2,282 boepd). Cumulative production from the NW Gemsa Concession has now exceeded 12.6 million barrels of 42 degree API crude oil.

Water Injection
Water injection in the AASE and Geyad Field is currently about 32,330 bwpd and the cumulative injection to date is about 13.5 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 south-east of Cairo in a partially unexplored area of the Gulf of Suez Basin.

The concession agreement included 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 results of the AASE-18 well, which will provide significant additional oil and gas production from the Al Amir SE field. This has resulted in a further increase in the total gross daily production to over 13,500 boepd."

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

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