Circle Oil Confirms Gas Discovery in Morocco

Circle Oil announced that the ADD-1 exploration well has been drilled, logged and successfully tested in the Sebou Permit, Rharb Basin, Morocco.

The Company confirms a gas discovery in both the Main Hoot target and the secondary Guebbas target. The well first tested gas at a sustained rate of 3.57 mmscf/d on a 24/64" choke from the Main Hoot. The perforated Main Hoot zone of 4.4 meters at 969.6-974 meters MD has a calculated net gas pay of 4 meters. The Guebbas zone was then perforated and flowed gas at a sustained rate of 1.89 mmscf/d on a 16/64" choke. The perforated Guebbas zone of 2.1 meters at 889.4-891.5 meters MD has a calculated net gas pay of 1.5 meters.

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 testing DRJ-6, being the untested well from the previous drilling campaign, with a calculated 4 meters of net gas pay in the Guebbas.

Following this, the exploration well KSR-11, the fifth and final well in the current campaign will be drilled.

The re-entering or re-drilling of the KAB-1 well (the first well of the current campaign, drilled in September 2010, and which encountered drilling problems), will be postponed to a later date pending third party evaluation and recommendation of a suitable drilling fluid to enable the well to be successfully drilled, logged and completed. This is required to counter a problem with swelling clay experienced on first 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 obviously pleased to be able to report that we are continuing with our drilling success in Morocco's Rharb Basin. Three out of four wells in this campaign have been successful and the other remains as a target for future study. The ADD-1 well has been completed and, when required, will be available for future production."


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