North Africa and Middle East-focused independent explorer Circle Oil announced Tuesday that CEO Professor Chris Green has given notice of his intention to step down from the company's board. Green said he will remain in his role for a suitable period in order to ensure a smooth handover to his successor.
Circle said it is now starting a process to find a new CEO.
Meanwhile, Circle confirmed that drilling is continuing on its KSR-12 exploration well in the Sebou Permit in Morocco, with production levels in the country continuing to run in line with company expectations at seven million cubic feet of gas per day. In Egypt production on the NW Gemsa and Geyad permits continue in line with predicted production profiles, with oil production varying between 9,300 and 9,700 barrels of oil per day and gas delivery at 10 to 11 million cubic feet of gas per day.
In Tunisia, Circle confirmed it has received expressions of interest from a number of companies to participate in a farm-out process for its Mahdia Block, where it recently completed a well.
In Oman, Circle is actively engaged in preparations to drill the Block 49 commitment well. A drilling rig has been identified and contracts are being finalized. The Shisr-1 well will target two prospects, with the company estimating most likely recoverable resources to be 14 million barrels of oil.
Discussions are also continuing regarding the possibility of a farm-out in the offshore Block 52 in Oman, Circle said.
Circle Chairman Steve Jenkins commented in a company statement:
"I would like to thank Chris for his contribution to Circle over the last eight years, four of those as CEO. Together with the wider team, Chris's technical knowledge and extensive industry experience has delivered industry leading results with the drill bit, which has transformed Circle into its current position as a full cycle Middle East and Africa focused oil and gas exploration and production company. I, and the board, wish him every success for the future.
"Our operations continue and we eagerly await the result of the third Moroccan well. Whilst we have more wells to drill in the Sebou area, given the possibility of uncertain weather we will move to drill targets on higher land in Lalla Mimouna over the late autumn and winter. The forthcoming Oman Block 49 well will provide added interest, however, this is a high risk commitment well and we would be delighted if it was successful. Trading for 2014 presently continues in line with expectations."
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