Circle Oil Awarded Block A Offshore Panama

Circle Oil has been awarded a prospecting license for Block A, Panama making it one of the largest offshore acreage holders in the region.

The license block, situated in the southwestern Caribbean, off the northern coast of Panama, covers a total of 30,000sq. km in the Panamanian waters of the Colombia Basin which is one of the major basins in the Caribbean Plate.

The basin margins in the block are known to contain a thick, deep sedimentary section which presents a good source rock and favorable geological structures for the accumulation of commercial quantities of hydrocarbons. Furthermore, the results of various regional seismic studies indicate that thick sections of shallow water origin have been preserved in the area and there is also seismic evidence of gas hydrates which, with other geochemical techniques already carried out, increase the evidence of a widespread hydrocarbon source in the southern part of the Colombia Basin.

Circle will immediately carry out data interpretation work and, in 2006, intends to commence a full seismic program in order to fully evaluate the potential of this prospective area.

Commenting on the license acquisition Circle's Chief Executive David Hough said:

'The Caribbean is attracting increasing industry attention and several of the major oil producers have already acquired substantial holdings in the area. Circle now boasts a global portfolio of major assets in Africa, the Middle East and now the Caribbean thereby underpinning the Company's strategy to explore in areas that have geological conditions with the potential for large discoveries.'

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