Circle Oil Constructs Pipeline in Morocco, Appts Senior Management in Egypt

Circle Oil announced the following update regarding the construction of the new pipeline and associated infrastructure for its Rharb Basin permits in Morocco and a senior management appointment in Egypt.

Morocco - New 8-Inch Pipeline

The construction phase of the new Sebou (DRJ)-Kenitra pipeline has been successfully completed.

The pipeline is now undergoing pressure testing prior to commissioning and the start up of increased gas delivery to local industry, which is expected to be completed by the end of January.

Construction of the new pipeline has been completed on budget. The total length of the pipeline is approximately 55 kilometres and has a design capacity of 23.5 MMscf/d. The pipeline has been connected to seven of the ten potential producing wells, with tie-in for the remaining wells scheduled for completion during the first quarter of 2012. These wells were discoveries made during the two previous drilling campaigns in 2008/09 and 2010/11.

A further announcement will be made once commissioning is completed.

Circle, through its wholly owned subsidiary, Circle Oil Maroc Ltd. holds a 75 percent interest in the Sebou and Lalla Mimouna Permit Concessions with the remaining 25 percent held by ONHYM. In addition, it holds a 60 percent interest in the Oulad N'zala Permit Concession with the remaining 40 percent held by ONHYM. Circle has a 75% interest in the new 8 inch pipeline with the remaining 25% held by ONHYM.

Egypt - Senior Management Appointment

Circle is pleased to announce the appointment of Mr. Tarek Elbarkatawy as General Manager for Circle Oil Egypt Ltd. Tarek holds a BSc. in Petroleum Engineering from Cairo University and a Management and Business Administration diploma from the Cambridge International College, UK. He has approximately 24 years of diversified Oil and Gas experience in both E&P and Service Companies, starting his career as a petroleum engineer in Suez Oil Company, a joint venture between Shell and the Egyptian General Petroleum Corporation (EGPC). From 1999 until taking up his position with Circle Oil Egypt Ltd., Tarek has held several senior management positions with Weatherford International including Region General Manager in North Africa and Vice President in the Middle East during which he led multiple drilling and production projects. He has also been a chairman and board member of three joint ventures between Weatherford and AlgeriaÕs state owned energy company Sonatrach, a board member of the International Algerian Petroleum Institute and is a member of the Society of Petroleum Engineers.

Tarek will be based in Cairo and will manage Circle's Egyptian operations and liaise with its partners, Egyptian Government entities and the State energy company, EGPC. Along with other senior Circle staff and our country managers, he will contribute to identifying, evaluating and securing new business opportunities in Circle's geographic areas of interest.

Circle, through its wholly owned subsidiary, Circle Oil Egypt Ltd., holds a 40% interest in the NW Gemsa Concession, with the remaining interests being held by Vegas Oil and Gas (Operator) 50% and Sea Dragon Energy 10%.

Prof Chris Green, CEO, said:

"I am delighted to be able to report the completion of the construction phase for our new pipeline in the Rharb. We must thank all concerned for their conscientious work and professionalism at all stages of the project. Following completion of commissioning of the pipeline Circle and its partner can look forward to significantly increasing gas supplies and associated revenues to local industry through 2012.

In addition to our progress in Morocco, we welcome another seasoned MENA focused professional to Circle as we continue to invest and strengthen our management on the ground in the countries in which we operate. With his extensive experience and knowledge of Middle East and North Africa we look forward to Tarek's contribution to Circle's growth."



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