Circle Oil Hits Gas Pay in Sebou Permit

Circle Oil announced that the CGD-11 exploration well has been drilled, logged and successfully tested in the Sebou Permit, Morocco.

The Company confirms a gas discovery in both the Main Guebbas target and the secondary Hoot zone. The well first tested gas at a sustained rate of 7.07 mmscf/d on a 30/64" choke from the Hoot. The perforated Hoot zone of 1,078.5m to 1,092m has a calculated net gas pay of 5.9m. The Main Guebbas gas zone was then perforated from 905m to 910m and has a calculated net gas pay of 4.2m. This interval tested at a sustained rate of 6.22 mmscf/d on a 30/64" choke. A thinner Upper Guebbas gas zone was also logged with 1m net gas pay and this zone will be tested at a later date. The well is being completed as a potential producer.

A full technical evaluation of all the results of the well is underway. This will allow for forward planning as a precursor to further assessment of the resource, including conducting an extended well test to give a more complete estimation of the reserves.

The drilling rig is now moving to commence drilling the third well, KSR-10, of the planned five well drilling program in the area. Following this, the DRJ-6 well from the previous drilling campaign will be tested and, weather permitting, the KAB-1 well will be re-entered for logging or re-drilling.

The Sebou permit lies to the north-east of Rabat in the Rharb Basin in Morocco. The Rharb Basin is a foredeep basin located in the external zone of the Rif Folded belt. The concession agreement, in which Circle has a 75% share and ONHYM, the Moroccan State oil company, has a 25% share, includes the right of conversion to a production license of 25 years, plus extensions in the event of commercial discoveries.

Prof. Chris Green, CEO, said, "I am pleased to report that we have continued our drilling success in the Rharb Basin and this well has tested with good sustained flow rates at both target levels. The well will now be completed and made ready for production."


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