Circle Oil Plc announced the following update regarding the Al Amir SE Field ("AASE") and the Geyad field.
AASE-11X ST 1 Well
Appraisal well AASE-11X was spudded on February 5, 2012 and is located on the north western flank of the AASE field, updip of the AASE-7X water injector. The well's objective was to appraise both the Shagar and Rahmi sands for injection/production in that location. The well reached a TD of 9,600 feet MD before being sidetracked to the south for geological reasons. The AASE-11X ST1 well was then successfully drilled to a total depth of 11,160 feet MD into the base Kareem. The well encountered 42 feet of net pay in the Kareem Shagar sand and 22 feet in the underlying Rahmi sand with oil bearing sands present to the base of the reservoir. Completion of the well as a Shagar sand producer is underway and testing is planned to be conducted shortly. The results will be announced in due course.
Following the successful completion of the AASE-11X ST1 well, the rig will be mobilized to drill the appraisal well AASE-12X, located in the south central part of the AASE field, targeted as an infill producer, located midway between AASE-5X and Al Ola-1 wells.
Production from the AASE and Geyad fields averaged approximately 7,400 bopd (gross) through February 2012. The southern part of the AASE field was granted a development lease for the Al Ola area in February and the total production rate of the fields, including the Al Ola-1 and Al Ola-2 wells, has increased to a current level of 8,340 bopd. Cumulative production from the NW Gemsa Concession has now exceeded 7.5 million barrels of 42 degree API Crude oil.
The AASE-10X well has been successfully completed for water injection in the Rahmi sands which was the original objective for the well, following poor results of testing for Rahmi oil production. The current injection rate for this well is 2,000 bwpd out of a daily total for the AASE field of 16,000 bwpd. A cumulative injection of 1.9 MMbw has been reached for the three water injectors in the AASE field from start up in September 2011. Water injection for Geyad-5X in the Geyad field is currently at a rate of 5,531 bwpd, with a cumulative injection of 0.3 MMbw, since injection start up in January 2012.
Pressure support in response to the water injection program has been observed in updip producers and continues to be monitored.
The NW Gemsa Concession, containing the Al Amir and Geyad Development Leases, covering an area of over 100 square miles (260 square kilometers), lies about 186 miles (300 kilometers) southeast of Cairo in a partially unexplored area of the Gulf of Suez Basin.
The concession agreement includes the right of conversion to a production license of 20 years, plus extensions, in the event of commercial discoveries. The NW Gemsa Concession partners include: Vegas Oil and Gas (50% interest and operator); Circle Oil Plc (40% interest); and Sea Dragon Energy (10% interest).
Prof Chris Green, CEO, said, "Circle is very pleased that the AASE-11X ST1 well has found good oil bearing reservoir sands in both the Shagar and Rahmi. This further proves up the north western flank of the AASE field. The rig will shortly be moved to drill the AASE-12X well, which is intended as an infill producer for the AASE field as part of the overall plan to improve the productivity of the NW Gemsa accumulations."
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