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Circle Oil Provides Operations Update in Egypt

Source: www.gulfoilandgas.com 12/16/2013, Location: Africa

Circle Oil Plc, the international oil and gas exploration, development and production company, is pleased to announce the following update regarding its operations.

Operations have continued on the NW Gemsa Permit with current gross production of approximately 11,100 bopd and 11.8 MMscf/d of gas giving total gross daily production of 13,150 boepd. Cumulative production to date is 13.7 MMbo and 3.4 bcf of gas giving at total cumulative production of 14.3 MMboe.

Plans for 2014 include the drilling of a limited number of water wells, injectors and producers to maintain oilfield performance at current levels as well as the updating of reservoir models. Overall, the strategy remains to manage the field in line with balancing current production levels, whilst optimising long-term recovery using monitoring and advanced reservoir modelling. As previously advised, overall capital expenditure in 2014 will reduce again compared with the previous two years as the field moves closer to maturity.

The recent AASE-15 well, located in the North West area of the Al Amir SE (AASE) field, was sidetracked for geological reasons. The well encountered 16 feet of net oil pay in the Rahmi sand and has been completed first as a producer (perforations 10,094-10,120 feet MD) and will later be converted to a water injection well for the Rahmi sand to support updip production in this western part of the field. The well will be put on production shortly and the results will be reported in a subsequent update. The rig has been moved to the North Eastern part of the AASE field to drill well AASE-19, planned as a Shagar producer.

Receipts from EGPC for the year are expected to be in-line with our forecast and are also expected to be higher than those in 2012. On the back of increased gross production levels of 3.75MMbo for 2013 up from 3.16MMbo for 2012, receivables due at year-end are forecast to be lower than those at previous year end.

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