Circle Oil Extends Mahdia License Exploration Permit in Tunisia

Circle Oil announced Wednesday that the Tunisian authorities have approved an application from the company to renew its exploration permit on the Mahdia block for three years, until January 19, 2018.

The Mahdia permit offshore Tunisia covers an area of 1,167 square miles and contains the EMD-1 well, which was drilled by Circle Oil in August 2014. Circle Oil, which is currently the operator and has a 100 percent working interest in the Mahdia permit, reported on August 26, 2014 that the EMD-1 well encountered notable oil shows.

The permit extension deal carries a commitment to conduct one exploration well and one appraisal well, as well as a requirement to acquire 115 square miles of 3D seismic. Circle Oil intends to select suitable partners to evaluate and develop the El Mediouni structure and other prospects on the Mahdia permit. The company has already had initial expressions of interest from a number of oil and gas firms, according to a Circle Oil statement.

Mitch Flegg, Circle Oil CEO commented in a company statement:

"Circle Oil wishes to place on record our thanks to the Tunisian Consultative Committee on Hydrocarbons. We look forward to continuing to work with them with the aim of delivering a project which would bring considerable benefit to the people of Tunisia and to Circle. We will now move forward with the process of identifying a suitable partner or partners to work with us to realize the value of this exciting discovery."

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