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Circle Providing an Operating Update in Egypt

Source: www.gulfoilandgas.com 5/6/2014, Location: Africa

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

Al Amir SE Field ("AASE") and the Geyad Field:
The AASE-21 well was spud on 9 March 2014 and is located about 1,100 metres south-east of the AASE-4 well and 750 metres north-west of the AASE-1X well to appraise both the Shagar and Rahmi sands for production. The well encountered the Kareem sands with 19 feet of net oil pay in the Shagar and 4 feet of net oil pay in the Rahmi, both zones of good reservoir quality. The well has been completed as a Shagar producer and initial short term testing has yielded flow rates, on a 48/64" choke, of 3,005 bopd and 3.228 MMscf/d of gas (587 boepd) for a total of 3,592 boepd.

Current gross daily production rate over the last month from the AASE and Geyad fields continues at approximately 11,000 bopd and 11 MMscf/d. Total gross production from the NW Gemsa fields has now exceeded 15.3 MMbo of 42 degree API crude oil with a water injection total of 19.9 MMbw.

After drilling the AASE-21 well the rig was moved to drill AASE-22, planned as an infill support injector well, 500 metres north and up dip of the AASE-8 injector in the western central part of the field. Following completion of AASE-22 the rig will be released on sub contract for the rest of 2014.

A dynamic reservoir model to assess reservoir behaviour for the future is in construction to provide input for the effective and efficient management of the AASE field. This reservoir management study will also permit the planning for any future infill drilling both for producers and injectors to maximize reserve recovery for the medium and long term. The Al Amir and Geyad Development Leases cover an area of 82 square kilometers, and lie about 300 kilometers 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 infill producer AASE-21 well, which will provide additional oil and gas production from the Al Amir SE field."

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

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