Block 52, which was awarded to Circle as a nine-year exploration license in 2005, covers an area of over 90,000 square kilometers and extends approximately 150 kilometers offshore. The survey was designed to focus on and further evaluate three different plays which have been identified by the Company's assessment of historical data from the block.
Data processing is expected to be completed over the coming months. Preliminary onboard processing has already shown the data to be of good quality. Final processing, including modern routine pre-stack procedures, is expected to yield a good quality dataset. Initial interpretation of the data by Circle's specialist team and its incorporation into the existing dataset is scheduled to start in early summer 2007, following which the next phase of the exploration program will be confirmed.
David Hough, Chief Executive of Circle said:
"The successful completion of the Oman Block 52 seismic survey is a significant step forward for Circle. We are now working to finish the processing of the data so that our specialist interpretation team can advance the exploration of this offshore Block and its interesting though untested play concepts."
Circle has the largest license holding of any company in Oman. In addition to Block 52, the company also has an ongoing exploration program in onshore Block 49. Worldwide, the company is active in exploration in the Owambo Basin, Namibia; in the Caribbean Sea, offshore Panama and in the Rharb Basin, Morocco.
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