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Circle Oil Provides Update on NW Gemsa Concessio

Source: www.gulfoilandgas.com 10/3/2008, Location: Africa

Circle Oil Plc, the international oil and gas exploration and development company, is pleased to announce that the Al Amir SE-1 sidetrack well has been drilled in the onshore North West Gemsa Concession, Egypt.

The Company is delighted to confirm a discovery in the Kareem Formation sandstones, with the well testing 41 API oil and gas at sustained rates of 3,388 bopd and 4.25 MMscfd using a 64/64" choke. The well, which had been sidetracked after operational difficulties, is currently being completed as a potential producer.

A full technical evaluation of all the results is underway to permit forward planning as a precursor to further assessment of the resource. An Assessment of Reserves has not yet been completed.

The North West Gemsa Concession partners include: Vegas Oil and Gas (50% interest and operator); Circle Oil plc (40% interest); and Premier Oil plc (10% interest).

The NW Gemsa concession covers an area of over 400 square kilometres and lies about 300 kilometres southeast of Cairo, in a partially unexplored part 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.

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Related Articles: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 


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