Block 49 is on the southern edge of the Rub al Khali Basin and on the eastern flank of the Ghudun Salt Basin. Circle has the exclusive right to explore for oil and gas on the 15,438 square-kilometer block.
Analysis of the gravity and magnetic data will be integrated with ongoing studies to facilitate the design of a 2D seismic survey, which depending on the availability of a suitable survey team, is scheduled to commence in early 2007. Preliminary analysis already indicates that the eastern edge of a postulated InfraCambrian salt basin, analogous to the nearby highly-oil productive South Oman Salt Basin, extends into Block 49.L.
Commenting on the survey, Dr. Bob LoPiccolo, Vice President Exploration for Circle Oil, said:
"The successful completion of this survey marks a significant first step in Circle's aggressive exploration effort on its onshore Oman concession. The data fills a critical gap in our knowledge of the geometry of the Ghudun Basin and will be valuable to us in designing the forthcoming 2D seismic program."
Circle also has active exploration programs in Block 52 offshore Oman, in the Owambo Basin, Namibia, in the Caribbean Sea, offshore Panama, and in the Rharb Basin, Morocco.
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