Moroccon Well Delivers for Circle Oil

Circle Oil announced that the DRJ-6 exploration well has been successfully tested in the Sebou Permit, Rharb Basin, Morocco. DRJ-6 was drilled in April 2009 and, as previously announced, not tested due to local logistical problems at the time of drilling.

The Company confirms a gas discovery in the Base Guebbas target. The well tested gas at a sustained rate of 5.363 mmscf/d on a 26/64" choke. The perforated Base Guebbas zone of 1.5 meters at 1,042.25 - 1,043.75 meters MD and 3 meters at 1,046.0 - 1,049.0 meters MD has a calculated net gas pay of 4.5 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.

Due to bad weather over the last two weeks and some flooding in the permit area, the drilling rig will be demobilized to move onto the higher level KSR-10 site near to the location of the fifth and final well of this campaign, being the KSR-11 exploration well. The rig is expected to be stored for 2-3 weeks whilst weather conditions improve before drilling operations on KSR-11 commence. Further updates will be provided in due course.

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, "The successful testing of DRJ-6 is particularly pleasing as it means that a 100% success rate has now been achieved from the six wells drilled during the first campaign."


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