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Circle Oil Provides an Operations Update in Egypt

Source: www.gulfoilandgas.com 3/3/2014, 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-19 Well
AASE-19 was spud on 1 December 2013 and was subsequently side-tracked for geological reasons. The surface location lies in the north-western part of the AASE permit and the bottom hole of the side-track lies up-dip about 900 metres to the east of the AASE-4 producer. The well's objective was to appraise both the Shagar and Rahmi sands for production. It encountered the Kareem sands with 14 feet of net pay in the Shagar and 10.5 feet of net pay in the Rahmi, both zones are of good reservoir quality. Initial short term testing of the well has yielded flow rates, under a 48/64" choke, of 1,242 bopd and 1.13 MMscf/d of gas (206 boepd) for a total of 1,448 boepd. The well will be hooked up as a Shagar producer and further results will be provided in due course.

AASE-21 Well
The rig will move to drill the infill AASE-21 well located about 1,200 metres south-east of AASE-4 and 800 metres north-west of the AASE-1X well to appraise both the Shagar and Rahmi sands for production.

Production
The current gross daily production rate from the AASE and the Geyad Field is now standing at 11,190 bopd and 11.2 MMscf/d (2,038 boepd) for a total of 13,228 boepd. Cumulative production from the NW Gemsa Concession has now exceeded 14.6 million barrels of 42 degree API crude oil.

Water Injection
Water injection in the AASE and Geyad Field is currently about 28,400 bwpd and the cumulative injection to date is about 18.5 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 southeast 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 sidetrack of the AASE-19 well, which will provide additional oil and gas production from the Al Amir SE field."

In accordance with the guidelines of the AIM Market of the London Stock Exchange, Professor Chris Green, Chief Executive Officer of Circle Oil Plc, an explorationist and geophysicist with over thirty years oil & gas industry experience, and Dr Stuart Harker, VP Geology, also with over 30 years experience, are the qualified persons as defined in the London Stock Exchange's Guidance Note for Mining and Oil and Gas companies, who have reviewed and approved the technical information contained in this announcement. Professor Green and Dr Harker have relied on primary information supplied by the operator in carrying out their review.

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

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