Circle Oil Awarded Block 52 in Oman

Circle Oil has been awarded the license for Block 52 in the Arabian Seas off the southern coast of the Sultanate of Oman. The Exploration and Production Sharing Agreement was signed in Muscat by Nasser bin Khamis Al Jashmi, Undersecretary at the Omani Oil and Gas Ministry and Mr. Shamil Daoud, Circle Oil's Business Director in the Middle East.

The license is for a nine-year period divided into three 3 year exploration phases. During the first phase Circle Oil will carry out reprocessing and reinterpretation of all existing data as well as the acquisition of 6000 kilometers of new reconnaissance 2D seismic data. More detailed surveying will be carried out upon evaluation of this new data prior to any drilling campaign.

Block 52 covers an area of over 100,000 sq. kms. It is an area that is a deepwater province and has had very little exploration carried out to date. All previous work focused on the shallow, near shore waters where there were minor hydrocarbon shows in two wells drilled in 1979 and 1991.

Circle Oil's exploration efforts will concentrate on the unexplored, deeper water areas of the license where the Company believes there is potential for a number of new hydrocarbon plays.

Commenting on the award of Block 52, Mr. Jack Keyes, Chief Operating Officer said: 'I am very pleased with this acquisition in Oman, a Middle Eastern country with substantial oil production. We are very excited by the potential of this large unexplored area. Combined with our current holdings in Oman, Circle Oil is now one of the largest license holders by acreage in a country that is known to be rich in hydrocarbons.'

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