Circle Oil Reports New Egypt Well Put on Production

Middle East-focused junior energy firm Circle Oil reported Thursday that its infill production well, AASE-14X ST, on the Al Amir SE field, Egypt, has been put on production. The stabilized rate of the well was 1,333 barrels of oil per day (bopd) March 5 and 1.4 million standard cubic feet of gas per day (MMscf/d).

The production start-up of the well came after drilling encountered two oil-bearing sands (Rahmi and Shagar) that had 16 feet and 13 feet of net pay respectively. The initial test rate was 3,486 bopd and 3.18 (MMscf/d).

AASE-14X ST is located centrally on the Al Amir SE field, between AASE-1X ST and AASE-12X ST.

The rig used to drill the well has now been released and moved to start drilling the AASE-16X well – a water-injector located in the central western area of the field.

Gross production from the AASE and Geyad fields, where Circle is active, currently stands at 9,600 bopd and 10 MMscf/d.

Circle CEO Professor Chris Green commented in a company statement:

"Circle is very pleased with the positive flow rates from the Rahmi sands of the AASE-14X ST well, where the upside of the Shagar sands remains a target for future production. The rig has been moved to drill the AASE-16X water injector well, which was spud in early March."



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