Professor Green Quits as Circle CEO

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."


Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Petrofac Suspends Group Chief Operatin... (May 25)
 -  EnQuest On Track For Kraken First Oil ... (May 25)
 -  Energean Signs Lease Agreement for Exp... (May 25)
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)

Most Popular Articles

From the Career Center
Jobs that may interest you
Equipment Operator - San Antonio
Expertise: Coil Tubing|Driller|Production Operator
Location: San Antonio, TX
Director Downhole Tool Engineering
Expertise: Electrical Engineering|Engineering Manager|MWD / LWD
Location: Houston, TX
Sr. Benefits Specialist
Expertise: HR - General
Location: Dallas, TX
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours