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Circle Oil Updates Production Activities in Egypt

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Circle Oil Plc announced the following update regarding the Al Amir SE field ("AASE") and the Geyad field.

AASE-14X ST 1 Well

Infill production well AASE -14X, located centrally in the field midway between AASE-1X ST1 and AASE-12X ST1 was spud Nov. 26, 2012. The well was planned as a Shagar and Rahmi sand producer and was sidetracked for geological reasons Jan. 4 as AASE-14X ST1. The well has encountered 20 feet measured depth (MD) of gross Shagar sand (9,610-9,630 feet MD) with 16 feet MD net pay, plus 15 feet MD of gross Rahmi sand (9,680-9,695 feet MD) with 13 feet MD net pay, with a total depth of 10,000 feet MD. The well is now planned to be completed as a producer and an update will issue once flow testing is completed.

Production

Production from the AASE and Geyad fields averaged 9,091 barrels of oil per day (bopd) (gross) through January 2013. Cumulative production from the NW Gemsa Concession has now exceeded 10.4 million barrels of 42 degree API Crude oil.

The 12 inch gas pipeline has now been tied in and gas production started up Feb. 12. The initial flow rate at start-up was 8 million square cubic feet per day (MMscf/d), or 1,456 barrels of oil equivalent per day (boepd), and is currently 9 MMscf/d (1,638 boepd). The gas is rich in extractable liquids that will add significantly to the income stream for Circle. Gas processing is expected to provide an additional 140 - 150 bocd and 35 tonnes (c. 400 boepd) of LNG per day.

Work on finalizing the development and day to day operations of the AASE and Geyad fields will continue through 2013. The 2013 work program includes the drilling of 4 further wells (1 producer and 3 injectors) in the first half of the year.

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-14X ST1 well has encountered pay intervals as prognosed in the Shagar and Rahmi sands and will be completed as a producer to complement the production levels from the AASE field.

The start up of gas flow through the 12" pipeline from our Geyad and AASE fields is another significant step forward as this production is expected to add approximately 2,000 boepd to the daily gross production."

WHAT DO YOU THINK?

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