Circle Oil Plc has completed the acquisition of a 60% interest in the Oulad N'Zala Permit in the Rharb Basin, Morocco.
Office Nationale des Hydrocarbures et des Mines ("ONHYM") holds 40% of the permit. This permit contains the ONZ4 gas discovery well, which has now been tied into the local gas infrastructure.
Following a meeting of the partners it has been agreed that Circle is scheduled to commence production from the ONZ4 well on September 15, 2008.
David Hough, CEO of Circle, said, "The signing of the Oulad N'Zala permit and ONZ4 production commencement agreement marks the beginning of revenues for Circle. This is a significant event for the Company and I believe a foretaste of the future as Circle expands its production in Morocco and other areas. I must thank all concerned who have worked hard to get Circle to this important stage in its development."
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