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 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
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:
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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